Personal Loan vs Mortgage Overpayment Loan Back

Griffterd

Hi
I want to borrow 15,000 over 30 months which currently will cost me 2.8-2.9% circa £560.  I have also been over paying my mortgage to bring it to an early conclusion and have a very healthy surplus (6 years to run so I am well into paying the capital).  My mortgage is a Life-time tracker at 2.3% (unfortunately there was a ceiling, my bad luck).  Would I be better of borrowing the money back from my mortgage surplus given that interest rises do not look likely in the short term, I have tried to do the maths but it is blowing my mind a bit as I am not sure the interest is calculated in the same way.

Griffterd

I have to make a decision on this shortly so if anyone has any suggestions it would be much appreciated....

Moxley

I don’t know the answer, but if you haven’t already done so then I’d consider posting on the mortgages board as well.