Which one to overpay ?

hamsterholly

I have been a lurker on these boards for sometime and the fantastic stories have motivated myself and hubby to pay more of our mortgage.

We have a main mortgage of 38k and a flexible advance of 19k. Both are fixed at 6.1% until June and we have 17 years left.

My aim is to pay £100 each month ( or more when I can ). I was going to pay the £100 off the flexible advance part as this and the main mortgage are seperate transactions. Or should I split the payments 50/50 ? Just wondering whether it would make any difference.

Thanks for any advice

Trying_to_be_good

If they're at the same rate, for the same term, it won't make any difference - take your pick! Personally I'd pay it off one account rather than split between two, then you'll see the impact on that one account and be motivated to keep going/find more ways to make overpayments.

Good luck!

Dithering_Dad

Agree with TtbG, both accounts are at the same interest rate, so there is no financial advantage to paying either of them off before the other. However, there is a psychological advantage in paying down the £19k advance because it is a smaller amount and you will see this fall quickly, which is miles more encouraging than seeing a small reduction on both mortgages.