Help to buy plan

Jonnym92

Hi,
Current info.
House bought for 255000
5% deposit 20%help to buy loan (51k)
Had house since Dec 2015 on a 5 yr fixed rate mortgage with nationwide @2.89% Apr over 31 years (I am 26)
Currently paying 789 pm.

Looking for the best way to go for the remainder of our fixed period.
Options:
Overpay mortgage as and when we can, realistically around £300 per month (if you pay 500 or more of reduced the term rather than monthly payments so I'd probably go down the 600 every 2 month month path)

Save the above in an isa/ another account

Hopefully with the aim of remortaging to buy out the equity loan.

Thanks jonny

Jonnym92

Should note mortgage was for 191000 and were now at approx 183000

kingstreet

Another recent thread;-

https://forums.moneysavingexpert.com/discussion/5617996

Thrugelmir

Use the £300 to overpay your current mortgage.

Thrugelmir

Jonnym92 wrote: »

Should note mortgage was for 191000 and were now at approx 183000

With the equity loan. That's still £234k of debt to repay. Extending the mortgage term to 31 years reduces your outgoing but greatly increases the amount you'll ultimately repay.