Remortgage or Overpayments

Suseka97

Hi all,

Firstly, if this has been asked/answered before or if there is a general thread on this topic, please let me know and I'll go find it (couldn't spot one though).

Also, I realise there are a lot of variants at play with this type of query - but I'm now in a position to remortgage onto another fixed deal if I choose to. I'm currently owe a little over £125k and am paying 2.5% interest with an end date of 2032. We had to extend our years to bring mortgage payments down as much as possible due to hitting a financial crisis around 5 years ago and the need to enter into a debt management plan. Fast forward to today we will be debt free in a few months, certainly by the end of this year. So, what I want to do is bring the mortgage years down as much as is affordable/doable.

So, I'm either looking to remortgage at whatever favourable rate I can get (bearing in mind a DMP trashes your credit file so the most favourable of deals in the market won't be available to me) or stay on what I think is a 'tracker' with my with current provider and overpay either on a monthly or annual basis.

So the question is, is it better to go with a fixed deal, obviously paying more each month in order to bring years down by maybe 5 or 6 -or leave as is and overpay.

Any thoughts, advice is greatly appreciated -and no, before you ask, I've not approached my mortgage provider as yet - just wanted to get some general advice first if at all possible.

getmore4less

Don't change the term that just commits you to higher payments.

Look for a better deal AND overpay what you can.

start with your cuurent lenders options that require no checks.