Advice which mortgage sub accounts to pay off with lump sum from endowment?

Gorey22

Hi,
We have 16 months until our mortgage term ends. Part repayment and part interest only @4.24 % ,no overpayment penalty .
Have already paid £6000 into the interest only sub account so we now owe £25000 on interest only , and £1678 on repayment part. Both @ 4.24%
Have a lump sum of £20,000 from endowment to pay into the mortgage don’t know if we should clear the repayment element completely now( £1678) with the rest going to reduce the interest only part. Or is it better to pay the whole sum off the interest only balance and leave the repayment element.
Would we would be better to clear the repayment part first and save on the interest? Sorry if it sounds like silly question but I’ve myself so confused.

getmore4less

Why are you paying 4.24% how long have you been paying that?

Gorey22

Our fixed rate ended in November so now on variable. We knew our 1st endowment was maturing in Jan 19 so we would be able to pay a huge chunk off the mortgage.

getmore4less

Will your lender give you a deal on the small amount left.

Can you get better rates in saving or pension payments.