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Can you lower the effective interest rate by stretching the overall term, then overpaying to whatever level you are able?
rhowe-
Ohhh is there a spreadsheet calculator for this kind of thing?
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We have been paying double the requested amount for the last 8 years IIRC, and could increase that.
I’d in general like to reduce the number of changes of mortgage (and associated fees) as much as possible. I did look at what paying it off entirely in 5 years would mean, and it means a fair jump, but not impossible.
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How does that work? If you extend the term but overpay isn’t it just the same as having a shorter term in the first place?
Howard
Dammit
NickCJ
Overall affordability isn't an enormous problem - the flat is quite modest and the mortgage is small.
I just don't want to make a stupid financial commitment.