Reducing mortgage term after fixed period

class2ldn

Hi all, quick question.
We've applied for a halifax mortgage at a rate of 4.09%.
We are first time buyers with only a 5% deposit. Itsnfor 30 years.
Our payments will be £1122 for a mortgage of 232500.
Now I'm 32 and my partner is 30 and I want to get the mortgage paid off pretty sharpish.
I worked out via the mse calculator that if we overpay 200 a month at the end if the fixed deal we would owe 219281.
Obviously that would leave 28 years but I worked out on a comparison site that if I was to pay the same monthly amount I could reduce the term to around 20 years.
Is this possible? All depends on the rates in 2 years.
Not too sure where we stand with early repayment charges or does that just apply while your in a fixed period?
We could afford about 13-1400 a month but obviously want to leave money for repairs etc.
Any advice on the best way to cut it down quicker?

HappyMJ

ERC's only apply during the fixed term.

A 5% deposit isn't getting you the best rate so once you've got more equity you could remortgage onto a much lower rate. That should cut the term by a few more months.

class2ldn

Yeah that's the idea. Just using the current rates if I stayed with halifax it would be 1.85 I think so like I say if I knock the term down to 20 years it would work out roughly the same we are paying now.
Where we are in West Sussex the house prices are shooting up through the roof.
I based that on our house going up 10k in that 2 years but it would most likely be more. The house next door has gone up 27k in a year.