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Probably a silly question...

Mozette
Mozette Posts: 2,247 Forumite
edited 18 September 2010 at 5:31PM in Mortgage-free wannabe
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Comments

  • provided the rate on interest on both are the same and there are no charges on either, then it makes no difference at all.

    you may wish to clear the smaller one first simply for a motivational boost.

    HTH
    Mortgage started May 08 @ £144,499 for 35 yrs:eek: Must get mortgage sub £100k by xmas 2011

    Current balance/total OPs/total interest saved/months saved
    £111,000.00/£27,336.40/£96,025.57/156
  • LindsayO
    LindsayO Posts: 398 Forumite
    I suppose there could be an issue with paying the mortgage off early, if there is a fee for that it might be better to pay into the older one first, or there might be a limit to how much you can overpay, in which case it might be better to split the overpayments between the two
    LindsayO
    Goal: mortgage free asap
    15/10/2007: Mortgage: £110k Term: 17 years
    18/08/2008: Mortgage: £107k Mortgage - Offset savings: £105k
    02/01/2009: Mortgage: £105k Mortgage - Offset savings: £99k

  • Just to say, there is never a silly question on here, we are all friends.
    Good luck.

    TPAX
    MFW - We've only gone and blooming done it!
    May 2013:j
  • Valli
    Valli Posts: 25,531 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    yes you do need to check the T&Cs on each mortgage, and the interest rates on each. If they're the same I would hit one first (probably the lowest) as has been suggested. Oh and check when and how overpayments would be credited against the account.
    Don't put it DOWN; put it AWAY
    "I would like more sisters, that the taking out of one, might not leave such stillness" Emily Dickinson
    :heart:Janice 1964-2016:heart:

    Thank you Honey Bear
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