Mortgage Overpayment & Low LTV

geri1706

Hi There

Our mortgage is with BoS, 6.29% fixed until March 2009. Balance outstanding is £160k. We have saved £10k (specifically for the mortgage) and are wondering should we pay this straight away to the mortgage as interest is calculated daily or should we hold off until we remortgage and remortgage for £150k come March?

Our outstanding term on the mortgage is 21 years and our monthly payment is £1300. We can afford to carry on paying this every month so would it be more beneficial to get the term of the mortgage reduced?

Also, our LTV is quite low about 50%. I can't seem to find many deals in favour of us! Given that BoS variable is currently 4.84% do you think it wise we should seek an alternative lender?

Any thoughts appreciated.

Thanks.