Do you go for a reduced mortgage term OR pay more off the mortgage we have????

A question about : Do you go for a reduced mortgage term OR pay more off the mortgage we have????

Hello, wonder if anyone has any suggestions on what is best. We're in a position where we can pay quite a good amount back on our mortgage per month, but when we come to renew the mortgage next Jan do we just opt to reduce the number of years or do we carry on paying overpayments as we are now?

HELP!!!! :confused:

Best answers:

• In a similar position I might do half and half, because overpayments can more easily be got back if I needed the money, or can be stopped and restarted as required. It depends on what other savings you have if you might want to consider this. Nice dilemma tho!!
• I agree with annmatkatr - easier to overpay as its flexible and can be changed
  a lot harder to change term back should you need to
  unless you want it in writing what your term will be, the flexible way can help
• any idea which is more financially rewarding, or would it make any difference?