Mortgage Rates News

Over payments on interest only mortgage or unsecured loan?

My house is financed by an interest only mortgage and a repayment unsecured loan on the same account with a mortgage provider and both have the same interest rate... if I make extra payments, which should I apply the payments to?

Public Comments

1. It depends on the terms of the loans. Some will not allow you to make extra payments. All things being equal, I'd go for the unsecured loan, as interest rates on that are more likely to rise first before mortgage rates will.
2. Go for the loan. It's more likely that the interest on the loan will rise before the mortgage. Once this is paid off it will look good on your credit rating.
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