We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 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!
Pay Off Credit Card or Overpay Mortgage?
Options
NJW77
Posts: 3 Newbie
I have just arranged a new 5 year fixed mortgage with Santander at 2.19% with 103,400 to pay and 16 years and 6 months remaining.
I’m overpaying by £100 and this will reduce the term by 2 years and six months.
I have a 0% credit card with a balance of £2,200 with 16 months left until the 0% ends.
This may seem like a silly question but should I ‘attack’ the mortgage with overpayments or should I just get rid of the credit card so it’s out of the way and then just balance transfer at the end of the term?
Many thanks
I’m overpaying by £100 and this will reduce the term by 2 years and six months.
I have a 0% credit card with a balance of £2,200 with 16 months left until the 0% ends.
This may seem like a silly question but should I ‘attack’ the mortgage with overpayments or should I just get rid of the credit card so it’s out of the way and then just balance transfer at the end of the term?
Many thanks
0
Comments
-
Even though its at 0% I would clear any short term debts before attempting to overpay on mortgage.
You never know what unexpected expenditure is around the corner. You may need a bit of short term credit0 -
Agreed. Its easier to OP the mortgage with no debt vs the other way around.Mortgage start date Dec 2015 - $64,655.00
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $4600.00
Business Savings $43,310/100k
Hope to be mortgage-free by end of 20230
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards