Which account should I overpay?

getmore4less

If you can throw £500pm it will get paid off quicker, and over time your contractual min payment will go down after starting at £200.

No reason to go repayment on all unless you start hitting ERC with the overpayment.

getmore4less

Another option is to look at what deals you can get on part of mortgage keeping the features on the other bit(if BMR. Getting overpayment back)

There is probably a deal less than 2.25% on 2/5y.

The saving will be small but still a saving.

Da_Matser

No reason to go repayment on all unless you start hitting ERC with the overpayment.

No ERC to worry about (I'm on BMR), so I'll stick with the (ever decreasing) low contractual min payment and be disciplined to review my standing order overpayment on a regular basis to stay at the £500 level.

Another option is to look at what deals you can get on part of mortgage keeping the features on the other bit(if BMR. Getting overpayment back)

There is probably a deal less than 2.25% on 2/5y.

I'll have a look at this once I've paid the lump sums next month and things have settled down. Like you say, the savings are probably small - especially after setup fees/ surveys - and I'm then also increasing my obligations. But definitely worth a look around once I'm in better shape as a fixed rate could also give piece of mind :beer:

getmore4less

move repayment bit(£23,972) to a 5y fix @ 2.09% over 5y
£23,972 @ 2.25% £422.80pm interest £1396
£23,972 @ 2.09% £421.12pm interest £1295

that's within your £500 total payment(just when you add the £73)

Da_Matser

move repayment bit(£23,972) to a 5y fix @ 2.09% over 5y

Thanks again. Who's that with please? Nationwide do it with no fees, and it shows a potential saving of about £100 as you have kindly illustrated, but they show the APRC @ 2.8% for some reason!?

getmore4less

nationwide no fee retention product with £100 cashback

http://www.nationwide.co.uk/products/mortgages/existing-customer-switching/mortgage-rates

ignore APRC they are meaningless for most mortgages.