Advice needed...Make overpayments or increase re-payments

baldchef

Anyone any ideas, I'm about to re-mortgage and would like to know which would benefit me the most,

I can afford to make overpayments on my mortgage over 20 years which will hopefully shorten the term of the mortgage,

or

Would I be better increasing my re-payments each month by shortening the term of the mortgage to ten years.

Any ideas would be most welcome

Cheers Baldy

lynnexxxo

Surely they amount to the same thing?

Does your mortgage deal allow overpayments? If you overpay them your term will automatically shorten.

Also, if you simply overpay and then find you can't afford to overpay, you can simply stop overpaying. If you get a new mortgage with higher payments you will not be able to do this.