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Reduce term or over pay
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getmore4less wrote: »That's a catch 22, you need to make life easier with a longer term and they look at your finances and say no you can't afford it can't change.
Longer term and overpay that way YOU STAY IN CONTROL of your payment down to the contractual payment.
Why hand that choice over to your lender?
I agree strongly with this.
Just as you are currently in a position to pay a bit more than you agreed, there may be a time in the future when you cannot. Then you will be glad you can ease up on the overpaying. You never know what lies ahead.Feb 2008, 20year lifetime tracker with "Sproggit and Sylvester"... 0.14% + base for 2 years, then 0.99% + base for life of mortgage...base was 5.5% in 2008...but not for long. Credit to my mortgage broker0
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