Early repayment - Which is best

doberryfirkin

I have a mortgage with Derbyshire Building Society which is in two parts; a repayment and an endowment (interest only). I want to pay off £10k of the mortgage this year. I know that that will help me save in the long run. However which mortgage is best against which to make the repayment and get the best saving in the long run or is there no difference?

dwsjarcmcd

I think you will fnd you have 1 mortgage, which is part Interest only (endowment) and part repayment. If you had 2 mortgages they would had 2 interest rates an/or end dates.
If I'm right, it doesn't matter which part you repay.

doberryfirkin

Yes, let me be clearer. they are two mortgages with different interest rates. I carried the endowment forward from an earlier house and added a repayment mortgage. They are fixed interest rates and have different rates. Does this help?