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Which mortgage to overpay?

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Hello all, I currently have two mortgages; residential £134k (property value £350k) 2.18% (4 years left on fix) with 23 years remaining - currently overpaying by £100 a month. My second mortgage is a consent to let £74k (property value £170k) 2.5% variable. I am simply trying to find out mathematically which is the better to overpay, monthly or as a lump sum. My instinct says the one with the highest interest but I can't help think the one with the biggest debt as surly it accrues more interest ??!!??. I have tried to find an online calculator but to no avail so I thought i would ask my first world problems on the forum. Your help is much appreciated.

Comments

  • MM10
    MM10 Posts: 57 Forumite
    Eighth Anniversary Combo Breaker
    i can see how this gets tricky. How many years are left on the second mortgage
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now [STRIKE] £110,716 at Feb 2016 [/STRIKE]; [STRIKE] £63,645 at Feb 2017 [/STRIKE]; [STRIKE]£10,600 at May 2018[/STRIKE]
    Original repayment date 2036; Main mortgage free date [STRIKE]July 2021[/STRIKE]; [STRIKE]Dec 2020[/STRIKE]; [STRIKE]January 2019[/STRIKE] June 2018:)
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    are you letting and claiming relieve on the interest?

    follow on rates are relevant

    The size of loan is not relevant.
    The length of term not relevant unless you can change them.
  • Personally, I would pay off my residential one first as it would mean no one can take away the roof over my head...but that's just me.
  • Hi, there are 23 years left on my residential mortgage.
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