Personal Loan or borrow back mortgage overpayment?

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.

TrickyDicky101

Are you able to borrow back the mortgage overpayments?  That's what I would confirm first.
2.3% vs 2.8% doesn't seem like an overly tricky comparison to make 

Griffterd

Yes I can do that, just get confused over how the interest is calculated are they both daily?

TrickyDicky101

Yes they will almost certainly both be calculated a similar way using daily interest.  Apart from the cost saving of borrowing via mortgage you would then need to consider the risk posed by non-fixed mortgage rate vs fixed personal loan rate. As you have already mentioned, it doesn't look to me likely there will be base rate increases any time soon.