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Combination mortgage which to repay first
Josh44
Posts: 9 Forumite
Hi
I have a mortgage with Nationwide part interest only part repayment. I want to repay some of my mortgage.
Should I repay the interest only or the repayment part? I suppose I should pay the interest only part but nationwide recommend I pay off the repayment part first.
Not sure what to do?
I have a mortgage with Nationwide part interest only part repayment. I want to repay some of my mortgage.
Should I repay the interest only or the repayment part? I suppose I should pay the interest only part but nationwide recommend I pay off the repayment part first.
Not sure what to do?
0
Comments
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What rates size and term are each bit?0
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Both 10 years to go interest rates the same too0
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The advantage of overpaying the repayment part is the contractual payment reduces giving future flexibility.0
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Is it not cheaper to pay back the loan from the interest only part. At least the repayment will be paid of in ten years time?0
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Makes no difference if the rates are the same.0
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