mortgage help

spike70

Hi all, Im hoping someone can help us with a mortgage question.

We have a £27,500 mortgage with approx 15 years left to run. It is a variable repayment mortgage with the Halifax, we are currently paying around £210 per month plus £40 life cover. We can perhaps increase the payments to around £300-£350 per month (including life cover).

What would you suggest be our best options for paying it off early?

beecher

If you can get a web saver which gives you an interest rate higher than your SVR, then I'd put £100/month into that and make an overpayment after the year is up. Alternatively just overpay every month. There are online tools which will show you what difference this will make to your remaining term.

spike70

beecher wrote: »

If you can get a web saver which gives you an interest rate higher than your SVR, then I'd put £100/month into that and make an overpayment after the year is up. Alternatively just overpay every month. There are online tools which will show you what difference this will make to your remaining term.

Thats interesting, I hadn't thought of making over payments. I was thinking of maybe re-mortgaging the £27500 over 10 years to reduce the term and interest?