Thanks for the reply.
Unfortunately my own bank won't budge on their rate. The LTV was pretty good when we bought and their rates weren't good then either. Due to being on one income at the time no other bank would touch us.
I still feel that paying money off the mortgage isn't the best option right now as the plan for the cash down the road is for training which would greatly improve my partner's job prospects and training now isn't an option with baby. Also if the switcher market opens up again I'd much prefer to get away from my current lender whose rates are always among the highest on offer.
Thanks for the advice on the term, I always thought it was an important factor. Would the ideal not be a shorter term and a lower rate?