We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Paying a larger deposit or free a debt
valerieh
Posts: 28 Forumite
A bit of advice please , I'm selling my house and have £23k equity minus fees approx £19-20k deposit ..new house is 92k . Would it be better to pay more deposit or pay off a loan that has 18 months left with a balance of £5k costing £415 plus £38 overpayment which would I benefit from please if I payed off loan with equity my mortgage would go up £100 .
0
Comments
-
If all you care about is the total amount you pay regardless of timings, you can work this out yourself - take the total payable on the larger mortgage, vs the total payable on the smaller mortgage plus the total payable on the loan. If you need help with that, we can provide it but we'll need full details, such as the interest rates you'd get with each loan size, mortgage term, etc.
If you care about what you pay when, or want to take other factors into account, we can't help you as we don't know what weight to put on what factors.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.3K Work, Benefits & Business
- 599.5K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards