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Overpaying
pollyanna24
Posts: 4,390 Forumite
Is the quick answer to always overpay on the mortgage with the highest interest rate? Or if there are differing amounts owing, should the higher amount be overpaid?
I have two mortgages (on the same property (yawn)):-
£40,000 at 5%
£70,000 at 3.14%
The first one is variable (2% above base rate) and the plan was to keep throwing money at it due to interest rate rises. But does there come a point when I would be better paying off the bigger mortgage?
I have two mortgages (on the same property (yawn)):-
£40,000 at 5%
£70,000 at 3.14%
The first one is variable (2% above base rate) and the plan was to keep throwing money at it due to interest rate rises. But does there come a point when I would be better paying off the bigger mortgage?
Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
0
Comments
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Not until you have paid it off or can get a better rate 🤷♀️MFW 2025 #50: £1989.73/£600007/03/25: Mortgage: £67,000.00
12/08/25: Mortgage: £62,500.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
27/12/24: Debt: £0 🥳😁
27/12/24: Savings: £12,000
12/08/25: Savings: £12,0000
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