need some advice please

lynne1307

this year is the year of the overpayment, if I can.

I think by much prudence I will have £500 per month to overpay.

I have two mortgages, the main one for 68,907 closing balance just had statement through. fixed rate of 6.2%

a second one, of 36,870 with a rate of 5.44%. both have 12 years 7 months left of a 25 year term.

Should I overpay 500 into 1 of them, or split between the 2? and if its one, which one should it be?
Im with the Nationwide and you can overpay 500 with no penalties, reducing the term is my aim.

any advice greatfully received, i have the first payment ready to go!!

thanks
Lynne

ailuro2

pay into the highest interest one if the deals both end at the same time, it means you will be charged less interest on the higher rate mortgage.

As long as it is with no penalties, of course.