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Mortgage reserve

Economist24
Economist24 Posts: 1 Newbie
in Mortgages & endowments
I have a mortgage reserve of £30,000 to pay of by the end of my mortgage in 9 years. I am paying some money towards it but the interest is extortionate so am only paying off some of the interest and not touching the capital. Is it better to consolidate reserve with the mortgage and pay everything off together or get a loan to pay of the £30,000

Comments

  • Hoenir
    Hoenir Posts: 7,742 Forumite
    1,000 Posts First Anniversary Name Dropper
    In principle yes. A lot more information would be usefull to provide any meaningfull suggestions. 
  • kempiejon
    kempiejon Posts: 938 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Economist24 said:
    I have a mortgage reserve of £30,000 to pay of by the end of my mortgage in 9 years. I am paying some money towards it but the interest is extortionate so am only paying off some of the interest and not touching the capital. Is it better to consolidate reserve with the mortgage and pay everything off together or get a loan to pay of the £30,000
    Always best to avoid extortion. So if you can refinance to a less usury rate why not?
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