Overpayments Question

jellyfish76

I plan to start making overpayments on my mortgage.

I have my mortgage in two parts as I have arranged for a further advance.

The first mortgage is a third of the amount of the second. Both are for the same term, with the same fixed interest rates and SVR.

Is there is any benefit of overpaying one rather than the other?

(I won't be overpaying enough to clear off the smaller mortgage any time soon and will be under my 10% overpayments allowance)

TrickyDicky101

Assuming both are the same rate and t&c then it makes no difference which you overpay.

dimbo61

I would hit the smaller part first up to the 10% limit then use any spare cash to reduce the bigger mortgage.
It took us 5/6 years to see a difference but paying down the mortgage debt if you have No Other Debt ? is the way to go

shopaholicz

I'm doing the same thing jellyfish, but have a 2 part mortgage with 2 different rates. I'm paying off the highest rate. My mortgage is with C&G. They allow 10% to be paid off a year, and last time I phoned them was told I could also double my monthly payment as well as the 10%. I've phoned lots of times before and no-one mentioned this, but have set it up now. Could be worth asking about on yours if you could afford that.