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Concerns about 37 year term
Comments
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Most people on here say you need 3/6 months of savings in cash ISA,s to cover for emergencies after that overpay
Now how safe is your JOB ?
If you have over £16k in savings the nice benefits people expect you to live off your savings !!
So why not build up the emergency fund and then overpay as much as you can each month without ERC,s GOOD LUCK0 -
Why not use "whatsthecost" to work out how much the mortgage payment would be to reduce your term to 25 years and make your regular mortgage payment the same Therefore overpaying each month,but having a low mortgage payment if you need to reduce your living costs for whatever reason!0
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It is not as simple as multiplying the monthly cost by the number of months to work out the cost. £100 in today's money is not worth the same as £100 in the future.
At 3.5% I wouldn't be rushing to overpay or to reduce the term. Instead, I'd be maximising my savings in tax free ISAs. That said, overpaying would take away the risk of you spending rather than saving the surplus.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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