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Mortgages mortgages mortgages!
lowis
Posts: 1,952 Forumite
As I am buying my flat under Right To Buy I had got as far as deciding on a 3yr fixed rate on an interest only mortgage, but have now noticed that some mortgage search engines offer the option of a mixed mortgage - part interest only/part repayment. Are these new? Are they any good? How do the repayments work?
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part and part mortgages are just how you repay your mortgage - it is possible to have a fixed rate on p&p. You decide the element of interest only and repayment.
examle would be 100k mortgage - 30k interest only, 70k repayment. You would have 30k then left at the end of the term however your monthly costs would be cheaperI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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