Remortgaging and overpaying

Asmoosy

This subject baffles me and I find it so hard to understand at some points.
I have a NatWest mortgage which is fixed for two years.
I have made 10% overpayments which has helped reduce the interest by around £40pm. I only make overpayments when I can, so sometimes it's little amounts a week, NatWest recalculate my monthly payments automatically when I over pay over £1000, but they don't reduce the term.
I'm happy there is a drop in interest and will continue to overpay, but I'm
Coming to the end and will be remortgaging soon. Natwest said that if I stay with them
They will allow me to pay 20% into my mortgage which is amazing, but I don't have that and will
Pay what I can.
My question is, shall I keep up the overpayments and hope I can get a 15 year term? At the point of remortgaging I'll have 23 years left on my current deal.
Also I used a mortgage broker for my purchase (free in Scotland) shall I use one again or go
Straight to the banks.
Thank you in advance

Niv

I would keep the term long and overpay. That way if you get into money issues you have the flexability to reduce your payments by the amount you overpay.

juniordoc

Although that depends a little bit on how much self control you have. It can be tempting not to overpay and see it sit in your bank.
I have a "flexible mortgage that if I frequently overpay but then run into a difficult month or 2, I can ask to underlay if I need to.
Why not go for somewhere in the middle, go for an 18 or 19 year term and make smaller overpayments as and when you can.

Asmoosy

But with savings earning nothing I'd rather overpay. I would like to be mortgage free as quickly as possible