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it would be great to build even greater equity in our place, in time for our next move
It doesn't really matter whether you build greater equity in your place, money in the bank, ISA, etc so long as you can access it when you buy the next place. It doesn't matter where the money comes from
If you're disciplined enough to save or overpay then the term doesn't mean that much.
If, on the other hand, if you have money you spend money then it may be best forcing yourself to put it into your mortgage by reducing the term and increasing repayments.
aggi
going to be remortgaging in the next few months. what factors do people take into account when deciding on how to much to overpay/up their monthly payments by? I am in a much stronger financial position than I was when I took out the mortgage 2 years ago so could comfortably double the payments and cut down the loan period quite significantly (its currently 33 years - I'm only 28)....
at the same time, interest rates are so low that I am not really in a huge rush to get it paid off - with savings from salary going into my S&S ISA etc. On the other hand - we will probably move again in 3-4 years and as my partner doesn't earn a huge amount it would be great to build even greater equity in our place, in time for our next move