You are reading a single comment by @Dammit and its replies.
Click here to read the full conversation.
-
Or you can retain the existing term and overpay and get exactly the same result with the option to not overpay if cash gets tight in the future. The only limitation there is that you're often only allowed to overpay by 10% of the loan value in a year, so if you're overpaying by the full 10% and you suddenly get a windfall you wouldn't be able to dump it into the mortgage without some kind of penalty.
rhowe
@Dammit
Just done some calculations, rather than keeping the mortgage at 20 years 7 months when we get a new "product" we can drop it to 15 years by keeping the monthly repayments the same, at the new lower interest rate.
That saves £57,780. Which is a large sum of money.