Overpay mortgage or save to pay off Equity Loan

Captainfox

So I’m new to this area and hopefully be completing on a new build by July time.

Equity loan will stand at around 60k and with the best will in the world I’m unsure I’d be able to save that much over 5 years, I’d say 8K a year would be a reasonably achievable savings figure and potentially more if I got a lodger in over those 5 years.

Would it make more sense to overpay the mortgage and then look to remortgage at the end of the 5 year term to hopefully pay off the equity loan, or smash away at saving and at worst staircase 10% and then continue saving to staircase the final 10%? Though I’ve heard the fees for staircasing can be over 1K?


Bonus question, for furnishing a two bed semi with a garden that has white goods and carpets fitted, what would be a good budget to look to spend? Would like to avoid charity shops for the main items (bed, sofa and t.v) but also have been looking at sliding mirror door built in wardrobes as another key item for the master bedroom. Spaceslide seem to be a decent company..?

snickpan

staircase? I've had a quick google, to no avail, something about stairs, and some theory on terrorism.

snickpan

ignoring the staircase question, I'd look at the price of things online, see what you want to buy new or 2nd hand, and see what it costs - failing that, it's quite an open ended question, with lots of variables that only you would know.
£2000

AnotherJoe

If I'm right that the equity loan is zero percent for 5 years then it make sense to overpay the mortgage (or save in an account with a higher interest rate), instead.
In five years time you can calculate what's best in terms of remortgaging.
A lodger could make a substantial difference to the numbers over 5 years.