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Are there any advantages in applying for a reduced term if I overpay already?
cameroon95
Posts: 33 Forumite
Hello All,
I am currently overpaying on my mortgage by 500 GBP per month and have chosen the "reduction in term" option with Santander. My rate is 2.19 on a fixed rate for 5 years.
Initial Mortgage: £315,000
Left to Pay : £218,000
Term on App: 23.5 Years
My Question is - would there be any benefit in contacting Santander in requesting a reduced term ? Like formally asking for a 15 year mortgage rather than just overpaying per month?
Im 37 and my goal is mortgage free by 50
I am currently overpaying on my mortgage by 500 GBP per month and have chosen the "reduction in term" option with Santander. My rate is 2.19 on a fixed rate for 5 years.
Initial Mortgage: £315,000
Left to Pay : £218,000
Term on App: 23.5 Years
My Question is - would there be any benefit in contacting Santander in requesting a reduced term ? Like formally asking for a 15 year mortgage rather than just overpaying per month?
Im 37 and my goal is mortgage free by 50
0
Comments
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No, keep the term & natural payment "as is" and keep doing the overpayments.
This will give you a better safety net / more breathing space than committing to compulsory high monthly payments.Became mortgage free 1st March 20232
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