I have a 260k offset annuity mort with NIB which is at 3.1% variable over 30 years on my PPR.
I also have a 220k interest only mort. with NIB, which is at 3.2% over 25 years on an investment property.
After the int. only mortgage repayment is met, and tax and other bits and pieces are taken out to cope, I have about 300e left a month from the rent. Im trying to decide which is best to do with this. Would I be best served by reducing the capital on the annuity or the interest only mort, or even investing elsewhere on a long term plan?
If the outcome is to pay off the PPR mortgage, as it is an offset, would it matter if I just deposited the money to the offset account or actually reduce the capital itself?
thanks.
I also have a 220k interest only mort. with NIB, which is at 3.2% over 25 years on an investment property.
After the int. only mortgage repayment is met, and tax and other bits and pieces are taken out to cope, I have about 300e left a month from the rent. Im trying to decide which is best to do with this. Would I be best served by reducing the capital on the annuity or the interest only mort, or even investing elsewhere on a long term plan?
If the outcome is to pay off the PPR mortgage, as it is an offset, would it matter if I just deposited the money to the offset account or actually reduce the capital itself?
thanks.