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Mortgage overpayments vs term change
thechor
Posts: 5 Forumite
Hi,
I have a flat that i rent out, (although im not on a buy to let) and the rent i receive virtually pays the mortgage. I have expendible cash each month which currently goes into an instant saver (my ISA is full), and i figure i'd be better off either overpayting the mortgage or shortening the term, (Im currently on 24 years). I plan to sell the flat in 2-3 years. Would i be better off reducing the term of the mortgage to say 18 or 20 years or overpaying (which would incur no charges for upto 10%) each month?
Thanks in anticipation!
I have a flat that i rent out, (although im not on a buy to let) and the rent i receive virtually pays the mortgage. I have expendible cash each month which currently goes into an instant saver (my ISA is full), and i figure i'd be better off either overpayting the mortgage or shortening the term, (Im currently on 24 years). I plan to sell the flat in 2-3 years. Would i be better off reducing the term of the mortgage to say 18 or 20 years or overpaying (which would incur no charges for upto 10%) each month?
Thanks in anticipation!
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