{"id":130657,"date":"2022-10-10T13:00:19","date_gmt":"2022-10-10T06:00:19","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-i-pay-off-my-student-loan-and-use-spare-cash-to-overpay-my-mortgage\/"},"modified":"2022-10-10T13:10:24","modified_gmt":"2022-10-10T06:10:24","slug":"should-i-pay-off-my-student-loan-and-use-spare-cash-to-overpay-my-mortgage","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-i-pay-off-my-student-loan-and-use-spare-cash-to-overpay-my-mortgage\/","title":{"rendered":"Should I pay off my student loan and use spare cash to overpay my mortgage?"},"content":{"rendered":"


\nI have \u00a35,000 left on the loan, which I pay \u00a3264 a month towards, and have a \u00a3168,000 mortgageQ I have a two-bedroom house in a desirable city. The property is worth more than \u00a3300,000 and I have a mortgage of \u00a3168,000. I recently discovered that I only have about \u00a35,000 left on my student loan, which I pay \u00a3264 a month towards. I\u2019m wondering whether it is worth paying this off and then overpaying my mortgage each month? I\u2019ve just remortgaged and the interest rate has gone up. However, I know the student loan is a low interest rate, and potentially I\u2019d be better paying \u00a35,000 off my mortgage. If I don\u2019t pay off the rest of my student loan, I will pay it off in 18 months anyway.CBA If you have spare \u00a35,000 hanging around, you would definitely be better off using it to bring the amount of your mortgage down to \u00a3163,000, which also has the effect of reducing your monthly mortgage repayments. With a mortgage or other loan, the amount you owe and the interest rate you pay always has an impact on what you repay each month. But with a loan from the Student Loans Company, it makes no difference whatsoever. The amount you repay when you have a student loan is linked to your earnings. If you earn less than \u00a327,295 in the 2022-23 tax year, you don\u2019t have to make any repayments. If you earn more than that repayment threshold, you pay 9% of your earnings above \u00a327,295 (divided by 12 to give the monthly amount you have to pay). Continue reading…
\n
\nSource : theguardian.com
\nRead more…Should I pay off my student loan and use spare cash to overpay my mortgage?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I have \u00a35,000 left on the loan, which I pay \u00a3264 a month towards, and...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-130657","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-xZn","jetpack-related-posts":[{"id":105071,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/how-should-i-fund-my-help-to-buy-home-purchase\/","url_meta":{"origin":130657,"position":0},"title":"How should I fund my help-to-buy home purchase?","date":"March 16, 2019","format":false,"excerpt":"\r I\u2019m wondering if I should try to borrow more in a mortgage and get a smaller government loanQ I am currently in a process of securing a mortgage and help-to-buy equity loan on a new build with a purchase price of \u00a3420,000. My mortgage adviser has proposed that, to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":110483,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lbs-available-for-flat-owners-with-outstanding-mortgage-loan-of-over-5000\/","url_meta":{"origin":130657,"position":1},"title":"LBS available for flat owners with outstanding mortgage loan of over $5,000","date":"September 4, 2019","format":false,"excerpt":"\r Flat owners with outstanding mortgage loans of more than $5,000 can now take up the LBS \u201cas long as the proceeds from the lease sale are sufficient to fully discharge the loan. 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