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Reduce Term or Overpay? Help
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dingus_2
Posts: 2 Newbie
Hi, first post so please bear with me.
My current fixed rate mortgage is coming to an end in April so I'm looking around at the best deals now so we can switch without any delay.
Been through a number of the comparison sites so have some deals in mind, but additionally it would be nice to reduce the term by 5 years or so (currently 20 years to go).
Are there any thoughts on the advantages/disadvantages of this when compared to taking out a mortgage for the existing 20 years and making overpayments on it?
I am mindful that I have been full of good intentions in the past over making extra payments, and even got as far as collecting the standing order form from the Building Soc, but never did fill it in.
be grateful for any comments
cheers
dingus
Apologies in advance if this is already covered on the site - haven't come across it.
My current fixed rate mortgage is coming to an end in April so I'm looking around at the best deals now so we can switch without any delay.
Been through a number of the comparison sites so have some deals in mind, but additionally it would be nice to reduce the term by 5 years or so (currently 20 years to go).
Are there any thoughts on the advantages/disadvantages of this when compared to taking out a mortgage for the existing 20 years and making overpayments on it?
I am mindful that I have been full of good intentions in the past over making extra payments, and even got as far as collecting the standing order form from the Building Soc, but never did fill it in.
be grateful for any comments
cheers
dingus
Apologies in advance if this is already covered on the site - haven't come across it.
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