Sorry if this is too basic a question!
Current status is as follows.
Tracker Mortgage of 1.75% - balance 145,000 paying off 550/month
Credit Union Loan 27,000 ( rate 10.5% before rebate of 20%) paying off 550/month. Have share of 15k in credit union
I am able to pay off an additional 500 month and am wondering if i should pay it against the mortgage or the credit union loan. I know i have an excellent rate on the mortgage so should i be taking advantage of this and pay as much as possible off? I was planning on setting aside a lot of the shares against the loan in the CU when it gets close enough but i have heard that the CU makes this pretty difficult sometimes?
Thanking in advance
Current status is as follows.
Tracker Mortgage of 1.75% - balance 145,000 paying off 550/month
Credit Union Loan 27,000 ( rate 10.5% before rebate of 20%) paying off 550/month. Have share of 15k in credit union
I am able to pay off an additional 500 month and am wondering if i should pay it against the mortgage or the credit union loan. I know i have an excellent rate on the mortgage so should i be taking advantage of this and pay as much as possible off? I was planning on setting aside a lot of the shares against the loan in the CU when it gets close enough but i have heard that the CU makes this pretty difficult sometimes?
Thanking in advance