Is it a good idea to try to reduce term? or overpay?

FUNKYDADDIO

Hi Guys, hoping someone can help me. I am in the process of remortgaging. I went to an appointment expecting to save £180 PM on what I pay now on a 3 year fixed rate with a different provider. I left the meeting saving only £120 p/m over the 3 years fixed term but I have cut the overall remaining term by 2 years (22 to 20) Is this the right thing to do, I assumed it was but people have started putting doubts in my head,

Hoping someone can help advise if I have been clever or or not?

Thanks

getmore4less

Longer term and overpay, more flexible.

Paully232000

I would overpay rather than reduce the term.
If there are any unforeseen circumstances in the future, you then have a lower contracted payment per month.
Whilst you have extra money now you can overpay, but if you didn't one or two months you don't have to. Whereas if you reduce the term and the payment is higher, you have to meet this.