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Overpayment Dilemma
RobsterUK1978
Posts: 1 Newbie
Hi all
After some advice please about overpaying my mortgage each month. My current mortgage is split across two different products, each with 21 years remaining:
Part 1 - c. £137k outstanding on a product that tracks at 1.34% above base rate
Part 2 - a further £50k outstanding on a product that tracks at 1.59% above base rate
I have £385 pcm available to use as a regular overpayment (no penalties) but my question is this...
Should I direct the additional £385 to Part 1 or Part 2 of my mortgage, in order for it to have most impact??
All pearls of wisdom greatly received.
Cheers,
Rob
After some advice please about overpaying my mortgage each month. My current mortgage is split across two different products, each with 21 years remaining:
Part 1 - c. £137k outstanding on a product that tracks at 1.34% above base rate
Part 2 - a further £50k outstanding on a product that tracks at 1.59% above base rate
I have £385 pcm available to use as a regular overpayment (no penalties) but my question is this...
Should I direct the additional £385 to Part 1 or Part 2 of my mortgage, in order for it to have most impact??
All pearls of wisdom greatly received.
Cheers,
Rob
0
Comments
-
the one with the higher interest rate, obvs.0
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Should be able to find savings paying more net0
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Some regular savers pay 5/6% so overpay the mortgage and open a regular savers.0
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