Hi,
I have a mortgage with two Sub Accounts (Mover mortgage Sub1:Old tracker & Sub 2: New finance).
Sub 1 A/c= 148k @ECB+2%(for 10yrs - then revert to standard variable or fix)
Sub 2 A/c= 60k @3.2%
My current mortgage repayments together are 918.11, i plan to overpay my repayments and increase to 1k a month repayment.
I also got 1500 from bank in mortgage deal so will prob just reduce amount owed with this rather than spending it on stuff i dont need.
I'm not sure if i can specify where any overpayments go or any lump sum payments i.e if i can use them to reduce what i owe on Sub-Account 2 as i'm paying a higher rate of interest here.
Any advice would be appreciated on what makes the most financial sense.
Thanks in advance...