overpay or remortgage

Sonia_Lane

I wish to know what's the best option I have a £47000.00 mortgage in 4 parts with 12years 7 month duration. I am in a position to make a med lump sum payment and then overpayments each month.
Do I pay off one part fully then make overpayments.
Pay lump sum across all 4 parts then overpayments
or re-mortgage to one payment making a lump sum payment first.
all help appreciated

Thrugelmir

What are the 4 sub accounts that make up your mortgage?

Sonia_Lane

main mortgage and 3 re-mortgage parts in the following balance outstanding amounts
27.000
8.700
6.600
3.300

TBagpuss

What are the interest rates? Are they all the same?
If the different parts have different interest rates then it is likely to make sense to pay off whichever has the highest interest rate first.

It may also be worth looking at how the current rates compare with what you might pay if you were to remortgage - could you get a lower rate by remortgaging? Also consider how much you plan to overpay each month, and whether any new mortgage would allow overpayments.