Mortgage - pay off money or time?

sconfuse

First ever post so excuse if wrong place or I have missed something v obvious.

When paying off the mortgage is it 'best' to pay off the money or get the time deducted from the length of the mortgage?

At the moment I am getting time deducted but am unsure this is best move!

Opinions welcomed thank you

getmore4less

Depends "best" in what way do you mean best.

Once you decide what the objective is then the rules for payments will decide the best way to achieve the goal

ginvzt

Surely, the sooner you pay off your mortgage, the better? As long as you can afford the payments, I don't see the problem with that.

getmore4less

ginvzt wrote: »

Surely, the sooner you pay off your mortgage, the better? As long as you can afford the payments, I don't see the problem with that.

Thats only part of the "Best" options.

If you have unlimited overpayments without penalty then keeping the same term and increasing the overpayments can be a better option since it gives you the opportunity to reduce payments in the future.

reducing term may not give you that option is the lender will not extend the term once shortened or will charge to so it.

In my case the rate is lower than savings rate so not worth paying off at all.

There is always more to consider than just pay the thing off as quick as you can.