Best possible way to pay back mortgage?

Acidforums

Surely these things should be in the open

Should I lower the mortgage and then set a limit to overpayment each month 

Or just pay a set limit each month without an overpayment ?

I can see why brokers don't mention these things 

AgathaSquirrel

I think it’s a personal decision based on your own circumstances. You need to know how much your mortgage provider will allow you to overpay. It’s usually 10%. 

I’ve tended to go for a longer term and overpay. This gives me flexibility in my budget if something happened. I have smaller monthly payments as a result and an overpayment reserve. If one of us wasn’t working for any reason the mortgage is small enough for one of us to pay on our own and we could have a ‘holiday’ with the reserve if required. All of that being said I’m fairly committed to paying off the mortgage early so there needs to be enough within the 10% overpayment allowance to make a debt in the mortgage itself. Don’t know if that’s helpful but that’s my thinking.

Acidforums

Thank you, I think upon renewal I will rethink this approach more carefully