Mortgage Overpayment

Sparks20

Registered User
Messages
5
I have a 5 year fixed term mortgage with UB which allows 10% overpayment. Would it be better to reduce the term of the mortgage or reduce repayments with lump sum overpayments?
 
Keep the term the same and manually increase payments to their current level. This will give you some flexibility if you encounter any financial difficulty down the road as you are only committed to the reduced payments.. The net effect on interest paid will be minimal.
 
Any questions you might have are addressed in the key post:
 
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