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Sub accounts. Does it matter which to overpay?
Misd_sixties22
Posts: 30 Forumite
Hello,
I have a mortgage with two sub accounts. One large (£100k plus) and one smaller (£25kish). Both are the same rate 1.48 fixed for another 4 years. I regularly overpay odd amounts and I can split my payments between the two accounts however I like. Does it make any difference if or how I divide the money? I didn't know whether it was better to focus more on the larger account as that would generate more interest? Or would it be better to get rid of the smaller sub account first?
Thanks for your advice.
I have a mortgage with two sub accounts. One large (£100k plus) and one smaller (£25kish). Both are the same rate 1.48 fixed for another 4 years. I regularly overpay odd amounts and I can split my payments between the two accounts however I like. Does it make any difference if or how I divide the money? I didn't know whether it was better to focus more on the larger account as that would generate more interest? Or would it be better to get rid of the smaller sub account first?
Thanks for your advice.
0
Comments
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If the interest rate is the same then it makes no difference to the interest charged which account you overpay.1
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