Mortgage additional payments

 I've been reading with interest your posts and it has really inspired me to get on top of my finances and really try to reduce the term and amount of the interest which will be charged.
My current term is a shade under 19 years.
My mortgage is in two parts as below: 
Part 1 balance £118511.00 interest 2.19%
Part 2 balance £47969.00 interest 2.32%

Both parts are fixed until Jan 2024 so I can't change as yet.
I am also just about to start additional monthly payments of £300, £200 will come off of Part 1 and £100. off Part 2. I also have £2500 which I can use to make an additional payment. I've looked at the mortgage overpayment calculator on this site as thought that if I paid it all off of Part 1, I would save more interest than if it was spread between the two (If I don't specify which part I want the amount to come off my mortgage provider will split in 50/50 between the 2 parts). However on playing about with the calculator the results showed as: 
Overpaying Part 1 I would save £1263. in interest and knock 5 months of the term (not including the additional £200 monthly payment).
Overpaying Part 2 would save £1321. in interest and knock 1 year 2 months of the term (again not inc. the additional £100 monthly payment). 
This really surprised me as although the interest in higher on Part 2, Part 1 is over double the amount and I expected that to be the better route. Am I missing something? Would appreciate your thoughts. Thanks for reading. 

Meet your Ambassadors


  • All Categories
  • 341.6K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.7K Work, Benefits & Business
  • 605.7K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards