mortgage help

redlynne

i am considering doing a fix at 4.77 for 5 years. my mortgage balance is 56500 and was adding a loan of 6500. i wanted to try and pay my mortgage earlier, i had 15 years left but my bank have put me down for 19 years. will it make any difference, if i am overpaying.

powerwin

This is not professional advice ...

My opinion is that it will make a difference, as you will be paying more interest on the 19 year term than you would on a 15 year term. If you can afford a 15 year term then it's likely to be cheaper. The amount of repayments you are allowed to make on a 19 year term could be restricted, depending on the mortgage terms and conditions.

Rgds