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Which mortgage to overpay first
Grumpyoldmoo
Posts: 430 Forumite
Hi everyone, :hello:
Would like some advice as to which mortgage to overpay on first.
Mortgage 1 (ported from previous house) £83967.82 :eek: this is 50k on interest only & the remainder on capital & interest. Endowment approx 15-20k short, matures jan 2018
Mortgage 2 is £35742.00 Repayment
Interest is 2.5% on both, mortgage left to run is 10yrs 3 mths on both.
I will have an extra £150 a mth spare from April & would like this to overpay....just not sure which mortgage to attack first.
All advice gratefully received, thank you in advance
Would like some advice as to which mortgage to overpay on first.
Mortgage 1 (ported from previous house) £83967.82 :eek: this is 50k on interest only & the remainder on capital & interest. Endowment approx 15-20k short, matures jan 2018
Mortgage 2 is £35742.00 Repayment
Interest is 2.5% on both, mortgage left to run is 10yrs 3 mths on both.
I will have an extra £150 a mth spare from April & would like this to overpay....just not sure which mortgage to attack first.
All advice gratefully received, thank you in advance
Feb'15 £118411.00 Jan '16 £112665.10 Jan 17 £106790.00, Jan 18 £99268.10 April ‘19 £57052.26, Oct ‘20 £46015.42 £2.00 Savers Club, 🎖, 2015 £332, 2016 £356, 2017 £312, 2018 £254, 2019 £668, 2020 £880.00, 2021 £104, 2022 £158, 2023 £68, 2024 Emergency Fund £2500/£1000 :j
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Comments
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Presumably one of the mortgages is on a let property?0
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No we borrowed more to pay off OH's debts (that he had hidden from me) :eek:Feb'15 £118411.00 Jan '16 £112665.10 Jan 17 £106790.00, Jan 18 £99268.10 April ‘19 £57052.26, Oct ‘20 £46015.42 £2.00 Savers Club, 🎖, 2015 £332, 2016 £356, 2017 £312, 2018 £254, 2019 £668, 2020 £880.00, 2021 £104, 2022 £158, 2023 £68, 2024 Emergency Fund £2500/£1000 :j0
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No one got any advice to give then? :eek:Feb'15 £118411.00 Jan '16 £112665.10 Jan 17 £106790.00, Jan 18 £99268.10 April ‘19 £57052.26, Oct ‘20 £46015.42 £2.00 Savers Club, 🎖, 2015 £332, 2016 £356, 2017 £312, 2018 £254, 2019 £668, 2020 £880.00, 2021 £104, 2022 £158, 2023 £68, 2024 Emergency Fund £2500/£1000 :j0
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Hi there
I would say overpay to the interest only part of account 1. You have said you have a shortfall in your endowment so this will need to be covered by other funds.
Regards Flower0 -
Thank you Flower1976 for the advice, I can't wait to start overpaying Feb'15 £118411.00 Jan '16 £112665.10 Jan 17 £106790.00, Jan 18 £99268.10 April ‘19 £57052.26, Oct ‘20 £46015.42 £2.00 Savers Club, 🎖, 2015 £332, 2016 £356, 2017 £312, 2018 £254, 2019 £668, 2020 £880.00, 2021 £104, 2022 £158, 2023 £68, 2024 Emergency Fund £2500/£1000 :j0
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