Overpay or Shorter Mortgage Term

VeganRunner

Hi All,
I will be remortgaging in the latter part of this year so I am being very premature. I've over paid my mortgage mostly as in an ideal world I want to be mortgage free at 45 as long as i don't move house. I'm 31 now.
I wanted some advice to what would be better financially, keeping the term of my mortgage so will be 23 yrs and over pay like I do now, or shorten the term of my mortgage meaning I potentially wouldn't over pay but would be a shorter term.
I'm not great with my finances, I'm self employed, no pension, little savings hence why i want my mortgage done asap.
Any advise welcome.

Thanks

Mr_Curious

If it were me, I'd keep the longer term and make the over-payments. Everyone has different priorities but I would like to know that if anything unforeseen should happen that the less amount will be easier to deal with... That's my theory anyway

Thrugelmir

Overpay. Why commit yourself to a level which one day maybe unaffordable. Interest rates aren't going to remain this low indefinately. Being self employed isn't without it's downside risks either.

ValiantSon

As others have said, keep the term and overpay. Doing this allows you to reduce the mortgage while having a safety net of returning to the original payment schedule should your financial situation take a turn for the worse.

strawberries1

Thanks. this has helped me.
I'm in the process of buying and settled for 1.79% with #749 fees for 60% LTV for 20yr. I'll change it to 25yrs.