Should I change the mortgage

Hi all, 

In my effort to pay my mortgage off early…. I currently have a Nationwide mortgage on a BMR rate of 2.1% with 15 years term. 
I plan to be making overpayments every month which shortens the term to around 4 years. 
Would it be a good idea to change the mortgage to a fixed deal and also shorten the term to like 1.44% over 6-8 years? and then make overpayments when I can?

the amount is around £64k


  • Steve123456789Steve123456789 Forumite
    96 Posts
    Third Anniversary 10 Posts
    There are so many variables and we don't know your situation so it's impossible to say.  You need to make a spreadsheet of your different options.
  • LadyGnomeLadyGnome Forumite
    801 Posts
    Seventh Anniversary 500 Posts Name Dropper Combo Breaker
    You need to factor any annual overpayment limits into your calculations.  You may be limited to 10% of the original balance per year if you fix.
    MortgageStart Nov 2012 £310,000
    Oct 2022 £143,277.74
    Reduction £166,722.26
    OriginalEnd Sept 2034 / Current official end Apr 2032 (but I have a cunning plan...)
    2022 MFW #78 £10200/£12000
    MFiT-6 #28 £21,772 /£75000
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