overpay on a two portion mortgage

iwilldoitthistime

Hi

I have a mortgage which is split in two parts - one half has 15.5 years to run, the other has 24.5 years.

If I overpay, does it matter which portion it comes off? also - can I stipulate which part it comes off?

apologies for a stupid question!

ailuro2

The only stupid question is the one that wasn't asked.;)

I'd wait for back up on this question but I would think the one with 24 years, as less capital is repaid at the beginning of a mortgage ,compared to ,say,ten years down the line.

thriftmonster

We had a similar situation and paid off the smaller one first - they were both at the same rate - and then when that finished, used all the payments from that to overpay the larger one.