Paying off the morgage (good times)

russjacks

I have three mortgages

1- about £33,000.00
2- about £17,000.00
3- about £5,000.00

November this year i will be debt free apart from the mortgage,
? is, I intend to pay as much off my mortgage as soon as possible, hoping to pay it off within the next 6 years, give or take a year or so.

What do you think would be the best way to do it. Concentrate on the small one first and get that out of the way, and pay those payments of the next largest. Or head for the largest first, Or in the long run will it make no differance at all and just pay equal amounts of the three of them.

I suppose it makes no differance but as you have all in some way helped me get debt free. i thought you might like to give some of your thoughts on this next challange.

Cheers

in*the*red_6

Hi

There's a mortgage-free wannabe board now too - might get a better response there.

ITR

climbgirl

You might get more help with this over on the mortgage-free wannabe board...

Are the interest rates and repayment conditions/penalties all the same for each mortgage? It's hard to answer without knowing that information, but you should generally go for the one with the highest rate first (as long as there aren't adverse repayment penalties to negate any savings). If they're all the same rates & repayment conditions, it's not really going to matter!