re-mortgage questions

want2bmortgage3

hi there i am looking for a remortgage and have a question regarding mortgage term.

i am aged 30 and my current deal has around 20 years left. this would mean being mortgage free aged 50. although the payments are a bit higher than i had in mind.

would it be advisable to apply for a longer term say another 5-10 years and get a lower monthly payment, with the option of overpaying 10% a year?

Thrugelmir

want2bmortgage3 wrote: »

would it be advisable to apply for a longer term say another 5-10 years and get a lower monthly payment, with the option of overpaying 10% a year?

Human nature says you won't. A fixed payment gives a discipline. Flexible payments give an excuse to spend the money elsewhere, to be made up at a later date.

Paying down your mortgage as quickly as possible is a worthwhile objective.

want2bmortgage3

thanks i just dont want to be struggling and not having much left each month.
what percentage of monthly income is advisable for a repayment mortgage?
i earn about £1200 a month after tax.