lump sum off mortgage

[daveb]

I currently have 2 mortgages covering my primary residence. One on a tracker rate and the other variable. I am looking at the possibility of adding a lump sum to reduce some of the dept.

Clearer reducing the amount on the variable rate mortgage is the way to go. Can the bank dictate as to which mortgage the lump sum is paid against as it would be in their interests to see the tracker mortgage reduced. Any advice before I contact them to discuss would be great.

 

[SoylentGreen]

It's your mortgage so you decide. I have always operated a split mortgage. I have always made lump sum repayments to either reduce the term on one portion or reduce the repayment amount when I had spare cash. I always decided. The very fact that one half of your mortgage is variable suggests that this was originally taken out to be more flexible.