How do I make the best switch? Should I reduce term to get the best savings? How do I decide what’s best?

[Gigggles]

I’ve a 89k mortgage with EBS paying variable rate of 3.7% over a 13 year term. Payments are 700 pm but I can afford to overpay to 1000 pm.

Ebs are offering 2.9%, am looking for savings and to pay off early.

I want to pay off in about 7 years or so.
Avant- won’t lend under 100k on fixed rate of 1.95% and won’t offer a variable rate.

How do I understand what’s going to cost least and still become mortgage free in 7 years? I hear a lot about overpaying on a long term but don’t fully understand this.

 

[RedOnion]

I'm assuming you've a very low loan to value?
It'd be hard to look past Ulster Bank. 1,500 cashback which will cover your legal fees plus some change. Low rates, from 2.2%.
You've ability to overpay 10% of the balance each year without them checking if a break fee applies.

Now, you won't repay 89k in under 8 years at 1,000 per month.

Mess around with a repayment calculator like this one:

Karl's Mortgage Calculator

Mortgage calculator with graphs, amortization tables, overpayments and PMI

drcalculator.com