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okmqaz42
Guest
This might seem like a stupid question but here goes, how do I work out my real mortgage interest rate(actual cost), I have 191k remaining on my loan and the NIB rate is Interest on debit balance: 4.250 % Nominal annual rate of debit interest: 4.318 %
(I am not sure what the difference between these two rates are).
I want to know would I be better off over-paying my mortgage every month or putting the money into a savings a/c. The NIB Rate is .5% over ecb rate and I see from the savings section http://www.askaboutmoney.com/showthread.php?t=20747 that some banks are offering 3% above the ecb on regular savings.
The plan would be to pay a lump sum off the mortgage at some point.
Any views would be welcome.
(I am not sure what the difference between these two rates are).
I want to know would I be better off over-paying my mortgage every month or putting the money into a savings a/c. The NIB Rate is .5% over ecb rate and I see from the savings section http://www.askaboutmoney.com/showthread.php?t=20747 that some banks are offering 3% above the ecb on regular savings.
The plan would be to pay a lump sum off the mortgage at some point.
Any views would be welcome.