Interest Only and Variable Mortgage Advive

Hi All, I'm a newbie to AAM and looking for advice please. I have 17 years remaining on a variable rate Tracker mortgage with Danske Bank of 108K at 4.75% and also an Interest Only mortgage of 240K at .5%. I have 100K lump sum and approx €1k a month available to use on top of my current repayments. My questions are:
Should I pay some or all of the lump sum and 1K per month off either mortgage and/or maximise my pension contributions or a combination of these?
Thanks in advance.

Get rid of the one with 4.75%, you're paying a very high rate on that.

What are your plans for the interest only property? Do you want to keep it as the capital will have to be paid off at some stage. You will either have to sell it or start paying down capital. When you have an idea on what you want to do with the interest only property you can plan on whether to increase your pension but get rid of that 4.75% mortgage first.


Steven
www.bluewaterfp.ie

Sorry for the confusion Stephen but both mortgages refer to my principal private residence. I don't have another property

Pay off the 4.75% mortgage as quickly as possible.

If you have an interest only cheap tracker, it's possible that Danske may approach you to refinance it elsewhere for a discount.



Brendan

A tracker rate of 4.75% sounds odd, is that the correct rate?

Hi Protocol, my apologies again for confusion. the 4.75% refers to a variable mortgage which on checking is not a tracker. The interest only loan is a tracker. Thanks for your reply

Hi Brendan, thanks for the advice