Southernman's two mortgage reduction journey

Hi all,

I wanted to start this off more to motivate myself given the amount of secured debt i've lumbered myself with.

I have been a part of the MFW forum for a few years now mainly as a lurker.

I have a city centre flat which i rent out and have overpaid by about £300 a month. It was originally at £90,000 back in 2011 and is currently on £51,000 remaining.

I have just bought a house with my husband (as in we moved in on Friday) and the starting mortgage is £270,000 :eek: absolutely disgusting. I'm not even in London but the North West! I'm 29 and it's on a 30 year term but i want it gone long before then.

So it means i have debt to the tune of £320,000 :eek::eek:

Not to help matters the new house is a project, i took down the black wall paper in the sitting room today as it was pretty much like i was watching TV in a coffin. The taste of the previous owner was terrible!!! We have some plans and £20k set aside for it and i think we'll be needing every penny!!!

The £51k mortgage is on a rate of 2.53%
The £270k mortgage is on a rate of 1.94%

I was thinking of overpaying the biggest of the two by £300 and the smaller by £100pm but would love some words of wisdom in terms of overpayment distribution as i have no clue what's best. The smaller mortgage pays for itself in rental.

In other news i need to cycle to the train station tomorrow- fingers crossed i don't get hopelessly lost on this new route, i'm still learning the area!
Mortgage 1: May 2012 £90,000 April 2020: £47,000
Mortgage 2: £270,000😱 Jan 2019 £253,000 April 2020
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