Which mortgage to overpay?

2 Posts
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.
0
This discussion has been closed.
Latest MSE News and Guides
Replies
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:)
follow on rates are relevant
The size of loan is not relevant.
The length of term not relevant unless you can change them.