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Part and part or change to full repay?
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ringbu
Posts: 4 Newbie
Hi
I am 55 years old. I want to leave work and return to uni next September 2011. I will have a very small income if I do that. I have a house worth about £230,000 - on £70,000 interest only, and £62,000 left on repayment over 20 years. My interest rate has just gone down to 1.25% which is .75% over base rate for term. Current monthly payments on this basis are £363.
I am looking at renting the house out but not sure whether to try and pay off extra on the repayment part or change over to a full repayment rather than part and part.
Any suggestions?
I am 55 years old. I want to leave work and return to uni next September 2011. I will have a very small income if I do that. I have a house worth about £230,000 - on £70,000 interest only, and £62,000 left on repayment over 20 years. My interest rate has just gone down to 1.25% which is .75% over base rate for term. Current monthly payments on this basis are £363.
I am looking at renting the house out but not sure whether to try and pay off extra on the repayment part or change over to a full repayment rather than part and part.
Any suggestions?
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