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Reduce term or over pay
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Thank you all for your advice. I'm going to do the 20 years and over pay. for the flexibility and piece of mind that if ever we should need to reduce our direct debit we have the option2
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That's what I have done. NB. It may depend on your provider, but the Direct debit is the contractual monthly payment taken by the bank, and it doesn't vary if you are on a fixed rate.
What you do in order to overpay is set up a Standing order for the monthly overpayment amount, and adjust that upwards or downwards if you wish.
If you start contacting your provider and asking them to adjust the DD then it'll get very confusing!1
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