Do you go for a reduced mortgage term OR pay more off the mortgage we have????

chatter-box-charlie · 1 March 2006 at 6:09PM

Hello, wonder if anyone has any suggestions on what is best. We're in a position where we can pay quite a good amount back on our mortgage per month, but when we come to renew the mortgage next Jan do we just opt to reduce the number of years or do we carry on paying overpayments as we are now?

HELP!!!!

annmatkat · 1 March 2006 at 6:18PM

In a similar position I might do half and half, because overpayments can more easily be got back if I needed the money, or can be stopped and restarted as required. It depends on what other savings you have if you might want to consider this. Nice dilemma tho!!

regularsaver1 · 1 March 2006 at 6:34PM

I agree with annmatkatr - easier to overpay as its flexible and can be changed

a lot harder to change term back should you need to

unless you want it in writing what your term will be, the flexible way can help

chatter-box-charlie · 1 March 2006 at 7:41PM

any idea which is more financially rewarding, or would it make any difference?

Do you go for a reduced mortgage term OR pay more off the mortgage we have????

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