Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • Langerman
    • By Langerman 18th Nov 17, 8:03 AM
    • 2Posts
    • 0Thanks
    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
    • #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
    • #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
    • #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
    • #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.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

167Posts Today

1,509Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line?

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin