Overpayments on interest only mortgage or repayment loan

tilthe

Hello,

I am earning a little bit more now so want to start making over payments on my outstanding loans. I have an interest only mortgage and repayment home loan with Bank of Scotland. They are both 4.95% interest rate. I was just wonder which option would save me the most interest on the long run.
1. Should I overpay the interest only mortgage only?

OR
2. Should I split the payment between the interest only mortgage and the repayment loan?

OR
3. Should I pay off the home loan first and then face the mortgage?

Balance on mortgage is 123,000.
Balance on repayment loan - 19,000

Any advise would be great;y appreciated.

dark^knight

I would probably tackle the home loan first and get that paid off as soon as possible. It's a quick win, and will give you more energy to focus on the mortgage.