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Paying back early
jeannot18
Posts: 38 Forumite
I have a mortgage which is made of 2 parts (For the same property). One
on repayment and a second one which is part repayment part interest
only. The first one cost me ~£590 per month, the second one ~£180 for
the repayment part ( I have been doing some extra repayment on this) +
£51.50 for the endowment part. On the first one i own currently
approximately just under 50K, and the second one around 61K. The
endowment is under-performing and will not meet the target at maturity. I
may be getting some money which would be enough to pay off one or the
other. Both mortgages are on the same interest rate, and don't have any penalties to pay back early. Which one would you pay off? I have been advised so far to pay off the one with part repayment part endowment. Do you agree, thank you
J
1
Comments
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Pay down the part interest part repayment account then you can monitor the potential shortfall easily.0
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