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I'd like to start my MFW journey!
MH18
Posts: 12 Forumite
Hi all,
I have approx 85,000 loan left on my 2 bed flat which is valued recently at 200k although to be honest I haven't done alot of research yet whether this is the actual going rate of such properties (I'll update once my research is done).
The mortgage is currently on the SVR rate of 4.29 and the bank santander.
I am only paying back the interest on it as I thought by doing so I could save and pay back in lump sum. I've got about 20k which I could put in to it now whilst still having 6 months savings back up as the guides suggest.
Would it better to revert to re-payment and save up and pay back or leave it as interest only and save up and re-pay.
And as I'm on the SVR does that mean I avoid any Early repayment Charge?
If you need more info please let me know and I'll do my best to get it.
And the journey begins....
MH.
I have approx 85,000 loan left on my 2 bed flat which is valued recently at 200k although to be honest I haven't done alot of research yet whether this is the actual going rate of such properties (I'll update once my research is done).
The mortgage is currently on the SVR rate of 4.29 and the bank santander.
I am only paying back the interest on it as I thought by doing so I could save and pay back in lump sum. I've got about 20k which I could put in to it now whilst still having 6 months savings back up as the guides suggest.
Would it better to revert to re-payment and save up and pay back or leave it as interest only and save up and re-pay.
And as I'm on the SVR does that mean I avoid any Early repayment Charge?
If you need more info please let me know and I'll do my best to get it.
And the journey begins....
MH.
0
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