Mortgage term renewal.

Hi there

I am looking for some help with my mortgage please.

I am nearly at the end of a fixed term with UB at 3.2%. I can renew with them at 2.2% for a 5 year fixed term.

This will save me 180e per month.

However I would like to continue to pay the same amount or even a bit more and reduce my years.

Any suggestions for the best way to go about this.

Thanks in advance

Ulster Bank are probably the most flexible when it comes to fixed rates.

You can overpay by 10% of the outstanding balance each year. Depending on your current balance that should give you some additional flexibility. It's as simple as setting up a direct debit for the extra amount.

Alternatively you could shorten the mortgage term to match your desired monthly repayment.

Both options would give you the desired results but be careful with the second option as you're permanently shortening your mortgage term. This might place unnecessary pressure on your finances in the future. However, the first option gives you the flexibility to cancel the overpayments at any time you want.