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Mortgage overpayment
ssmb
Posts: 1 Newbie
Hi I have a few mortages of various rates. The higher balance is on the lower rate and the smallest balance mortgage is on the highest rate. If i wanted to overpay which one would be best? Pay the one with the higher balance but lowest rate, to get the balance down further before the deal ends? or the lowest mortgage with the highest APR?
Any advise would be great
Any advise would be great
0
Comments
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I am in a similar boat and my decision was based on what the biggest impact would be for me month on month. My decision was to overpay the one with the highest balance first - hard to know what to advise you though as I don't have the figures. My main mortgage had almost x2 the balance of the others so it made sense for me, if the difference was less I may have gone for the highest interest one.ssmb said:Hi I have a few mortages of various rates. The higher balance is on the lower rate and the smallest balance mortgage is on the highest rate. If i wanted to overpay which one would be best? Pay the one with the higher balance but lowest rate, to get the balance down further before the deal ends? or the lowest mortgage with the highest APR?
Any advise would be greatI am insane and have 4 mortgages - total mortgage debt £200k. Target to zero = 10 years! (2030)1
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