We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage lump overpayment
Flacky11
Posts: 1 Newbie
Hello. I have a mortgage in 2 parts. The smaller part finished its fixed term in December 2022 so went from 2.09% up to around 6%. The larger part of my mortgage finishes in July 2023 so that will go from around 2% up to whatever it will be then.
We have a few thousand pounds spare to pay off of one of them but I don't know which one will benefit us more to do so. I assumed it would be the smaller part as it a quarter of our mortgage and that's the part that has now gone up to 6%.
I haven't looked at a new deal for the smaller part as I want them to both end so I can merge them together so I can get a better choice when shopping around in July
Thanks in advance
We have a few thousand pounds spare to pay off of one of them but I don't know which one will benefit us more to do so. I assumed it would be the smaller part as it a quarter of our mortgage and that's the part that has now gone up to 6%.
I haven't looked at a new deal for the smaller part as I want them to both end so I can merge them together so I can get a better choice when shopping around in July
Thanks in advance
0
Comments
-
Make payment to the higher rate balance.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards