I am currently looking at my options to reduce my mortgage payments and payoff the mortgage quickly

This is my situation:

- 25 years mortgage, 22 years remaining to full term
- Current repayment: 1208.10 eur / month
- Balance: 223K
- Rate: 3.45% - fixed for another 2 years
- Bank: BOI
- LTV < 50%
- Current repayment: 1208 eur / month

I like the idea of the 10 years fixed rate because it gives long term security and it's "only" 0.3% more than the 5 years rate with BOI but I don't know if it's wise to take it now if interest rates continue to fall.

My idea is to do the following:

Pay off 48K of the current mortgage balance

Borrow 150K on a 10 years fixed rate (@ 3.3%) ==> 799.92 eur

Borrow 25K on Variable rate ( @ 3.9% with BOI or 2.75% with AIB) 141.21 eur or 126.32

So if i stay with BOI, I would pay 941.13 per month so 266.97 eur less that I can use that to over pay the variable rate loan

My goal is to pay off the 25K in 2-3 years by overpaying it and then overpay the 10 yers fixed rate by 65 eur per month (max allowed by BOI) and paying biweekly instead of monthly so that I pay one extra payment per year.

AIB does not allow over payment nor biweekly payment (they told me that they would accommodate a biweekly payment but they will not allow me to overpay that way : "you can’t overpay on the fixed rate loan by paying bi Weekly, your payments would just be recalculated over 12 months albeit that you would be making 13 payments in the period"

AIB offers 2000 eur for switrching. My solicitor charges 1000 eur + VAT + 300 or 400 eur outlay depnding on the bank so maybe 1600 eur in total so 400 eur left for me but is it really worth it?

I know that the variable rate is higher with BOI but if I manage to folow may plan (pay it off in 2-3 years) and then overpay the fixed rate loan, that would be a better solution? What are your thoughts on this?

Thank you very much