Going to borrow 19000, salary 26000, will i be mortgage free within 2 years?

jinglebell

Going to borrow a mortgage of 19000 from the bank, as we have a reasonable deposit. we can afford up to 1000 a month, can we be mortgage free within 2 years?

StuTheDon

What kind of mortgage? If it is a fixed rate then you may be limited to a 10% overpayment which means you wont be allowed to overpay that much.

We really need more information.

bendix

Unless he asks for repayment terms over 2 years, rather than 20.

StuTheDon

bendix wrote: »

Unless he asks for repayment terms over 2 years, rather than 20.

Good point - that would work :T

dimbo61

Most banks/building societies have a minmum term of 5 years !

dimbo61

You could try an offset mortgage and pay the mortgage payment each month and put the extra into the offset account until close to repaying the mortgage then reduce the mortgage payment to say £10 a month.
5 year term and 2 year fixed rate deal!

Floxxie

Borrow the usual minimum of £25k on a mortgage that allows overpayments and has no tie ins. Pay off the additional bit i.e. £6k, overpay and pay it off in two. You could set it at 5 years if required and pay it off in 2. It will all depend on the t&cs so you'll need to speak to mortgage advisers, banks etc.