Shared mortgage pay off split, options and calcs

Hi


I'm not sure which mortgage forum I should be posting this into, but I'm hoping I could seek some advice on here regarding my situation.

I share a mortgage with a couple of others with approx. £55,000 outstanding and 9 years remaining. The current interest is 2.25%.

I am also a higher rate tax payer. I was think of putting £10,000 into a savings account paying 2.30% (Atom), but I guess this isn't a great idea?

Can someone confirm with a few calculations as to the benefit of reducing mortgage?

Also, how would this work out with the other people on the mortgage, considering it's my capital and how does the savings (in other words the interest saved) be attributable to me?

Some guidance with illustrative examples would be appreciated as I'm also considering buying them out, but there are other factors to consider, such as non-paynents for a few years (close family member but trusted)!





Thanks

Comments

  • No one willing to offer any advice?
  • beanielou
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