We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
50000 and dont know what to do
Comments
-
I don't understand your last reply. Are you saying that your mortgage provider won't let you pay only 20k off your mortgage and keep the remaining 23k on the same interest only deal? Would they then let you pay £300 a month rather than just the interest? This would avoid all the fees and hassle of remortgaging.But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
intrest only means ur only paying off the intrest on the 43000 after 6 years ile still owe 43000 i could pay off 20000 grand in 1 lump then i would owe 23000 and only pay the intrest on 23000 and still after 6 years at end of term i would still owe 23000 hence why its called a INTREST ONLY MORGAGE so my monthly payment is 53 quid is wasted .repayment means you pay off wot you owe so if i pay a lump of 20000 grand leaves 23000 changed (remorgaged to a repayment)i then pay it off simple no?0
-
not sure about the 300 quid a month would have to ask but every month they would have to calculate a new amount on the remaining ballance cant see them being very happy about that when i took it out 2 years ago i was told i could pay off a large lump was planing to pay off 42000 after 6 months when my 50 g was released but then the intrest rates went tits up and ive been waiting ever since because its such a small amount a month sorry if i confused you i confuse my self sometimes .0
-
only pay early payment cost if i pay the whole amount0
-
good idea tho im going to ask0
-
also inflation is at 4% so savings make nothing really .
Inflation in this instance is a bit of a red herring. It depends what you are going to use those savings on. If the ultimate goal for those savings is to pay off your mortgage, then you need to look at how inflation is effecting your mortgage debt. It's not.
(If you had no debt and your savings were being saved to go towards a purchase, I understand your sentiments, but until you have cleared those debts, inflation is not a reason not to save.)0 -
no debts only morgage .0
-
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards