We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
overpay on a two portion mortgage
iwilldoitthistime
Posts: 520 Forumite
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!
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!
Sealed Pot no 2011 
0
Comments
-
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.Member of the first Mortgage Free in 3 challenge, no.19
Balance 19th April '07 = minus £27,640
Balance 1st November '09 = mortgage paid off with £1903 left over. Title deeds are now ours.0 -
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.“the princess jumped from the tower & she learned that she could fly all along. she never needed those wings.”
Amanda Lovelace, The Princess Saves Herself in this One0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards