Mortgage free in 3(ish) years.
in Mortgage-free wannabe
4 replies 947 views
Hi, got a question around part interest only part capital and interest mortgage (£50k +£[email protected] 2.5%) that i want to start overpaying with money i was paying to a further advance but have paid this off with endowments earmarked for interest only part as this was 3.75% with nationwide. I have half share in a rental worth approx 40k (approx 200/month rent,) so this could cover most if sold if required but want to use rent to overpay with as well. Question is would i be better off paying off the interest only part first on the cap and interest part or would it make no difference other than to reduce my exposure to the risk of now having no endowments to I/O part. Mortgage is due paid off 2034 but i want it gone, certainly I/O part by August 2020 using o/p, rent and employee share scheme.
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