MFW New Diary (wish I had started years ago...)

pammyj74

HI and welcome to the MFW thread. I'm a newbie here too. and also with Halifax. Wish my mortgage was as little as yours

I have a question too, then about reducing the term, can you reduce the term once you reach your o/p limit and not incur charges?

dimbo61

Hi PammyJ74
You need to speak to the Halifax and ask can you reduce your term and what charge is there.
Use " whatsthecost" to get a rough idea of how much extra reducing the mortgage by say 1/2/3/5/10 years would cost you extra each month in repayments.
Then work out what you can afford ( you will need to pay this each and every month !!!)
I reduced my term from 22 years to 10 years ( mortgage went up by £500 a month.) GOOD LUCK

misscousinitt

Thanks for the advice dimbo61 - don't think I could afford the jump from £193 - £707 per month at the moment - but will discuss with my OH and defo go into the Halifax very soon to discuss the options.

Cheers Again

Hi PammyJ74...good luck with your journey...I was lucky with my mortgage as I bought in 1997 and my house is only a 2 bed terrace. This will change in the next few years when we go for the bigger house!