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Extend or shorten term to pay off early?
Mabelmoo
Posts: 2 Newbie
Am I being a bit daft here? My mortgage has 19 years left to run and is currently on an interest rate of 2.19% due to expire in October. My lender appears to have an offer that I could change to with a rate of 2.6%, if I extend the mortgage term to 25 years the repayment the repayment each month drops by £150.00. I could then use this £150.00 to overpay each month. Would this then mean I could pay off my mortgage much quicker? I'm not increasing the borrowing.
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