Morgage repayment advice

northernbob

I have recently had to change my morgage from repayment to interest only due to job changes and a reduction in my income.My morgage company where happy to do this and they have given me one year on interest only before I have to return to repayment or to stay on interest only I have to have some sort of savings vehicle .From reading various articles I see that with profits plans have not been preforming very well and I not sure if there is any other type of plan which I can use to ensure that at the end of the term,some 23 years, I would have enough saved to pay off my morgage.Any advice as to which direction I need to be going in would be very helpful as Im not sure where to go.

dimbo61

The best kind of mortgage is a repayment mortgage ! that way you know that it will be paid off in 23 years if not sooner so you have 1 year to see how you go.
I would overpay each month to help reduce the mortgage debt if only by a small amount each month and if you cant afford to go back to repayment in a years time then sell up and find somewhere smaller or cheaper.