Help Over payments/ Length / Fixed rate/Confused

Assistant

good evening all

Can anyone answer my question?

we took on a mortgage with Nation wide in September 2011. 64,000 over 20 years
5 year fixed rate 400 each month. I make a regular over payment of 250 each month,
Using the over payment calculator on here, we should have our mortgage paid off in approximately 10 years. 1/2 the term.

My question is....
When our fixed rate ends, and we apply for another, will the term be For 15 years (remainder of original mortgage length)? or 5 (over payments considered?
So confused?:eek:

Tilly_MFW_in_6_YRS

Hi Assistant, when you come to remortgage you can decide which term makes the most sense to you. If you only have 5 remaining, you may prefer to remortgage over 7 for example, to give yourselves some wiggle room.

Tilly

kingstreet

If you are remortgaging the lender will do whatever term you put on the application form.

If you are effecting a product transfer, or asking the existing lender for one if its customer retention products, you will normally continue with the shorter term you have achieved by making the overpayments. However, the lender will be happy to use the residue of the original term, as this was your contractual term, the one used to form your actual agreement, should you wish to do so.