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Would this make sense to do?
Dunno, but you might get early repayment charges if you try.
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Not especially. The interest charged is a function of the outstanding balance and the interest rate only. If the rate is the same and you pay the same amount of cash per month, you end up in the same place.
Option 2 gives you flexibility if you want to pay less in future though of course.
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yes, for the flexibility. lot of fixed term limit the overpay to 10% of the amount owed each year, check you're not running into that and adjust the years accordingly.
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May be a bit late to the party but I have used this excel spreadsheet in the past to compare different mortgage deals to get my head round what works better.
http://www.locostfireblade.co.uk/spreadsheet/Index.html
Found on this thread of MSE
http://forums.moneysavingexpert.com/showthread.php?t=1157173
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@Dammit
Two options with the same mortgage (2 year fixed at 1.14%):
Select a term of 10 years, pay £1,200/month
Select a term of 20 years, pay £650/month and overpay up to the £1,200.
Why am I considering option 2? Because overpayments come off the capital, not a combination of interest and capital.
Would this make sense to do?