Oh what shall I do?!?!?!

Thrugelmir

myfairlady wrote: »

Thank you so much Redpete and Thrugelmir.
I am trying very hard to get my finances in order (after a rocky couple of years!).
We went on to interest only mortgage to keep the payments down whilst I was on maternity leave with a view to going straight back on to repayment. But of course life is never that simple and our finances did not allow us to do that....

So, current situation. We can pay interest only but would stretch ourselves to go onto a repayment fixed at 6%. My other question is at what age is the cut off for taking out a 25 yr mortgage? Is it based on the fact that retirement is 60 and 65?

Thank you all once again for your help, it is really appreciated.

Personally I would look at downsizing property size and therefore reducing mortgage size. By the time one retires clearing the mortgage debt should be priority. Interest rates at 6% may well the norm in a few years time when the current banking crisis is over. For certain the extremely low rates won't be back ever again.

As you say life is unpredictable. Its far easy to build back up than stuggle on, treading water. By making bold decisions life can be far less stressfull.