We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Abbey mortgage part repayment/part interest only
Nutty_Nora_2
Posts: 11 Forumite
Hi
Currently have a flexible mortgage with Abbey on a part repayment part interest only basis. Currently on 0.5% above base rate for life of mortgage. We overpay by £230 per month which goes into a savings pot. Once this has got up to £1000 ish, we write and ask Abbey to pay off part of the interest only mortgage, thereby reducing the capital we owe. My question is, is this the best thing to do and is it worth us staying with this type of mortgage. Should we change to a fixed rate for example?
Currently have a flexible mortgage with Abbey on a part repayment part interest only basis. Currently on 0.5% above base rate for life of mortgage. We overpay by £230 per month which goes into a savings pot. Once this has got up to £1000 ish, we write and ask Abbey to pay off part of the interest only mortgage, thereby reducing the capital we owe. My question is, is this the best thing to do and is it worth us staying with this type of mortgage. Should we change to a fixed rate for example?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards