Overpaying or shortening term on mortgage - overpaying better?

mark55man

Also watch out with some lenders as you overpay they reduce the automatic payment to recalculate to 25years - so you just need to overpay more.

Plus I agree - for flexibility OP rather than shorten the term - for one shortening the term means you may have to go through underwriting and affordability again (I did this and it was a real pain).  Also please be sure you understand any OP limits now and as you remortgage 

getmore4less

mark55man said:

Also watch out with some lenders as you overpay they reduce the automatic payment to recalculate to 25years - so you just need to overpay more.

Plus I agree - for flexibility OP rather than shorten the term - for one shortening the term means you may have to go through underwriting and affordability again (I did this and it was a real pain).  Also please be sure you understand any OP limits now and as you remortgage 

The reduction in payment makes a  small difference even if you hit the overpayment limits for a year or 2.

Thrugelmir

The only disadvantage of a longer mortgage term is the lack of personal discipline to overpay in a committed manner.  Many people start with the best of intentions. Then life simply gets in the way. Money gets dripped away.....