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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
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Make payment to the higher rate balance.1
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