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Advice needed on over payment on loan vs mortgage
I am hoping to focus on my spending during 2017 and pay extra per month on either my car loan or my mortgage. Both i am able to pay extra towards. My query is, do i pay it towards my mortgage (owe £155000, 31 years term left at 3.14%) or my car loan (owe £6800, 18 months left at 4.05%) or keep saving at 3% with tesco. I have enough savings to pay the car loan off but i am reluctant to do this due to it being my emergency fund. Any advice.
Should add i would be looking at roughly £150 extra per month (possibly more)
Should add i would be looking at roughly £150 extra per month (possibly more)
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Comments
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Unless you have any other motive in mind, you would go the one which is going to be most profitable to you - ie the car loan.0
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Highest rate first, therefore car.Thinking critically since 1996....0
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