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2 mortgages, which is the best to make over payments?
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Ptc1988
Posts: 2 Newbie
We have recently moved house and ported a mortgage plus got a new one with the same organisation.
The ported mortgage is double the size of the new mortgage but has a much lower interest rate. We want to make over payments but not sure which would be the best mortgage to do so on, the bigger mortgage with lower interest rate or the smaller mortgage with higher interest rate?
The ported mortgage is double the size of the new mortgage but has a much lower interest rate. We want to make over payments but not sure which would be the best mortgage to do so on, the bigger mortgage with lower interest rate or the smaller mortgage with higher interest rate?
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Comments
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Paying off the higher rate mortgage will always save you the most interest.0
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The higher rate mortgage is best to over pay on.
As long as you're within the mortgage company's limits on overpayments.0
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