Mortgage scenario -overpaying on differing mortgage terms

collinsca

getmore4less said:

TheMightyShowerHead said:

Worth noting though that most Nationwide products let you pay off 10% of the original loan amount. Many other lenders only allow you to pay 10% of the remaining debt (calculated on each anniversary of the mortgage)
So with nationwide you could pay 5k a year, with others you might be able to pay 5k one year, 4k the next etc. 

Edi81 said:

Nationwide allow you overlay 10% of the original loan so that would be £5k per year which would be £400 per month. 

Thanks guys forgot nationwide is 10% of original

with a £500pm payment on £50k over 10y

10y fix 2.15% £189pm over 30y

end of year 9 looks like this ( paid off in another couple of months)

amount	rate	payment	owing
£50,000.00	2.15%	£500.00	£1,144.16

To hit 10y needs £464pm

if they do a reduced payment calculation each year it looks like you hit overpayment limit in year 7  

year	amount	payment	payment	left	overpayment for year
1	£50,000.00	£188.58	£500.00	£45,026.18	£3,737.01
2	£45,026.18	£174.00	£500.00	£39,944.36	£3,912.02
3	£39,944.36	£158.34	£500.00	£34,752.19	£4,099.95
4	£34,752.19	£141.48	£500.00	£29,447.29	£4,302.23
5	£29,447.29	£123.29	£500.00	£24,027.21	£4,520.52
6	£24,027.21	£103.60	£500.00	£18,489.43	£4,756.75
7	£18,489.43	£82.24	£500.00	£12,831.42	£5,013.15
8	£12,831.42	£58.97	£500.00	£7,050.55	£5,292.36
9	£7,050.55	£33.54	£500.00	£1,144.16	£5,597.49
10	£1,144.16	£5.65	£500.00	-£4,890.48	£5,932.25

UPDATE:
We have just sold our property and it sold for more than we expected. So we now need a mortgage of £40k.
I'd therefore greatly appreciate if you could do another table as above!
I do want to go fixed, current offers with Nationwide are (on 25yr term):
 
5yr    Monthly cost= 173.27 initial rate = 2.19% APRC = 3.3 total cost of mortgage WITHOUT over payments = 4037.09
10yr   Monthly cost= 173.27 initial rate = 2.19% APRC = 2.8 total cost of mortgage WITHOUT over payments = 7347.03

I plan to overpay by 326.73 (to take monthly total to 500).

So what i really need to understand is... given my overpayments... which would be the better deal above...
I believe if i went for a 10yr then i'd have paid it off early and i'll be subject to ERCs (albeit likely low fees - but i'd need to check) and if i go with 5yr then i'd still have some to pay after that term ends so go to standard rate or take up a new mortgage product.

A table and any thoughts from anyone appreciated !