Quick question

stinabean

Hi folks

Overpaying on our mortgage is definitely a goal once my/our current finance agreements are paid off.

It's likely I'll be left with car payments only as it's a 5 year plan and then also the mortgage. I wanted to know if it's silly overpaying on a mortgage when you've still got debt on a car and if I should concentrate on the car first? It's likely we won't change the car (due to be collected this week) for at least 3 years if not the full 5.

Thanks for any advice!

BoGoF

What type of car agreement is it, HP, loan, PCP?

What interest rate are you paying?

stinabean

Sorry for delay - thank you for replying.

It's a loan £12,190. 3.99% a year, flat rate fixed / 8.7%APR. Due to end March 2023. Monthly payments around £200.

Mortgage is £148,500 over 35 years at 3.04% until July 2022. Then changes to 4.49% for remainder unless I switch. Monthly repayments are £575.

Hoping to be debt free in the next 1-2 years from the credit cards so will just have these two left.