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Overpayments or reduce term?
jez09uk
Posts: 5 Forumite
Hi, I currently have a fixed rate mortgage with Santander which ends in May. My current rate is 3.35%. In May I will owe 64,035 and my LTV is 37% (house value=175000. I've been deliberating whether to reduce my term or to make regular overpayments (£70 a month). Any advice please.
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Comments
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Make overpayments. This gives you flexibility. To under/over pay as you wish.0
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I am not an expert but I would over pay. If you reduce the term the payments will have to be higher and who knows what is round the corner.
You may just not want to over pay one month ( Holiday, Birthday etc).
If you take reduced term this will not be an option.0
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