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Advise re payment holiday/credit card
Comments
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I can't get my head around it really. I'm not borrowing any more money just deferring payments for 6 months & the 4k will be spread over the remaining 288 mths so its costing £15 extra. I will be on interest only for the term of the mortgage as i understand i won't be paying any more than i would if i carried on normal payments. am i wrong, have i gone nuts?
http://www.in2perspective.com/nr/2005/02/mortgage-holiday-irresponsible-.jsp
http://forums.moneysavingexpert.com/showthread.html?t=1032985
I'm not saying it's a bad idea for your situation but do it with the full facts0 -
BB is absolutely correct with the calculations and theory.
Mortgage payment holidays are rarely the answer to repaying your debts off quicker. It will end up costing you more money in the long term.
Keep repaying your debts in small payments and keep the mortgage payments as they are, is my advice.
Merlot.x."Wisdom doesn't automatically come with old age. Nothing does, except wrinkles. It's true, some wines improve with age. But only if the grapes were good in the first place." — Abigail Van Buren0
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