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    • Langerman
    • By Langerman 18th Nov 17, 8:03 AM
    • 2Posts
    • 0Thanks
    Langerman
    Which mortgage to overpay?
    • #1
    • 18th Nov 17, 8:03 AM
    Which mortgage to overpay? 18th Nov 17 at 8:03 AM
    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.
Page 1
    • MM10
    • By MM10 26th Nov 17, 5:41 PM
    • 55 Posts
    • 163 Thanks
    MM10
    • #2
    • 26th Nov 17, 5:41 PM
    • #2
    • 26th Nov 17, 5:41 PM
    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 110,716 at Feb 2016 ; 63,645 at Feb 2017 ; 10,600 at May 2018
    Original repayment date 2036; Main mortgage free date July 2021; Dec 2020; January 2019;
    • getmore4less
    • By getmore4less 26th Nov 17, 7:22 PM
    • 32,035 Posts
    • 19,223 Thanks
    getmore4less
    • #3
    • 26th Nov 17, 7:22 PM
    • #3
    • 26th Nov 17, 7:22 PM
    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.
    • dark^knight
    • By dark^knight 26th Nov 17, 9:25 PM
    • 469 Posts
    • 953 Thanks
    dark^knight
    • #4
    • 26th Nov 17, 9:25 PM
    • #4
    • 26th Nov 17, 9:25 PM
    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.
    Aiming to be mortgage free by Dec 2018.
    • Langerman
    • By Langerman 2nd Dec 17, 11:39 AM
    • 2 Posts
    • 0 Thanks
    Langerman
    • #5
    • 2nd Dec 17, 11:39 AM
    Years left
    • #5
    • 2nd Dec 17, 11:39 AM
    Hi, there are 23 years left on my residential mortgage.
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