Mortgage overpayments

[FourDecades]

My mortgage has 5 loan parts from various top ups over the years.

I'm in the fortunate position to over pay a lump sum each month now but I'm wondering which one to pay off first as l can choose each individually.

They are as follows;

£5966 - 24yrs at £25.58 1.99%
£20002 - 24yrs at £85.79 1.99%
£19089 - 18yrs at £101.76 1.64%
£20122 - 14yrs at £137.37 1.99%
£14047 - 24yrs at £60.24 1.99%

I have worked out the difference between the loan balance of each part and what l will be paying by multiplying the remaining term by the monthly instalment.

Loan 2 has the biggest difference.

Am l correct that this difference is the interest that l will pay and therefore l should pay this loan part off first?

Surely with four interest rates at 1.99% it doesn't matter which one you choose? On that basis, I'd go for the smallest one of £5,966 first, for the satisfaction of wiping one of them out. Then I'd start on the £14,047 one.

(Disclaimer: am no financial whiz, someone may well be along shortly with more 'head over heart' advice LOL.)

I think paying off the highest interest rate/longest term will save you the most interest.

Are any of them variable?

Agree with CheddarGorgeous and Whitney168... target the 24 year loans at 1.99% starting with the smallest first. Then when each loan is paid of, you can make larger overpayments against the next outstanding loan.... and you get to see the fruits of your overpayments.

Good luck with it ... because over time you will see a big difference ... and look forward to the day getting closer when all loans are paid off!

Many thanks everyone.

They are all fixed rate.

How much more can you pay off each month?

Pay the smallest one first then snowball into the second smallest.

If they are fixed check whether there is amount you can pay off without penalties. A lot of them it has a maximum of 10% per year.

I can pay up to 10% in total over the 5 loans per calendar year.