After the two years, i could have found a new deal but i would not have been able to pay maybe 4x-5x at a fixed rate. Where could the money be working better, by saving over 30k interest over that period ? If i had shares, etc due to the current climate they would be bottomed out.
For me this made sense. I want to be mortgage free the time i am 35.
Presumably the 30k saving is over the course of the mortgage term though, right? So for a comparable you'd have to look at how much you'd get in S&S over the same term. My feeling would be that with interest rates so low, the return from stock could well be higher but everyones circumstances are different.
For me, I looked at overpaying by a set amount, and it worked out that I would be mortgage free in 12 years by overpaying and 10 years by putting it into S&S.