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extending the mortgage term back 25yrs
pault50
Posts: 10 Forumite
hi thinking of extending back to 25 yr then after a few years remorgage to 15 idea is to reduce monthy payments
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Comments
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that's nice - are you just telling us, or asking for advice?0
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18 back to 25 yrs to reduce payments0
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and your question is?
(on the forums, it's usual to give a bit of background and ask questions).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You could free up £119 per month per £100K of mortgage @ 5% by changing from 18 to 25 years. This drops to £114 per £100K for a mortgage rate of 6%. This is costs much more interest in the long run (approx £23K for 100K @5%).
It might be worth considering using Martin's money saving tips in all areas of finance.
J_B.0 -
I am thinking of having lunch.0
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Do you plan on extending it ?
J_B.0 -
What, have a longer lunch break?
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I actually ended up with more food than i intended. I do hope i don't have any problems meeting this commitment as I would hate for there to be any reclamation involved.0
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