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Re: term length. While a shorter term will be the likely outcome when this 5yr runs out, my main goal is suppressing the pessimism that I am not always going to be earning this much. Halifax allows payment holidays if you have overpaid and if in 4.5 years I am earning less, I could probably have afforded us lower monthly repayments for the same remaining term. Plus, there may be a mini stevo around to look after if all goes to plan.
Note: I am also saving separately.
stevo_com
the payments are going down - @dt nailed it. the day counts are different per month, and mortgage repayments tend to be calculated on an Actual/Actual daycount basis
Nov 17 - 30 days
Dec17 - 31 days
Jan 18 - 31 days
Feb 18 - 28 days
Mar 18 - 31 days
(In some cases, overpayments can be used to reduce the term of the mortgage, in which case the interest charged is constant)
[Edit] late to the party