We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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
-
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
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.8K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards