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combination mortgage
fman
Posts: 8 Forumite
HI...
I have 20k in my investment, I was planning to take out 20K to reduced my mortgage from 82K to 62K and repayment on 62K.
I was told to leave the 20K investment just pay 20K on intrest only and 62K on repayment??
Im confused!:(
I have 20k in my investment, I was planning to take out 20K to reduced my mortgage from 82K to 62K and repayment on 62K.
I was told to leave the 20K investment just pay 20K on intrest only and 62K on repayment??
Im confused!:(
0
Comments
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Well if you are making more interest on your investment than your interest-only mortgage you would be better off until the rates make this unfavourable.
What is your mortgage rate and (rough) return on investment?Thinking critically since 1996....0 -
thank you for your reply..somethingcorporate wrote: »Well if you are making more interest on your investment than your interest-only mortgage you would be better off until the rates make this unfavourable.
What is your mortgage rate and (rough) return on investment?
Mine at M&G share investment which is going good at the moment. But my mortagage is it 5.99 fixed rate!! i know it shocking!! but it was fixed rate three years, now finding to swtich mortgage end or Feb.. that's why asking around what the best thing to do?0 -
Just a thought...
but do you have the facility to "offset" your 20k against your mortgage debt, that way you are not paying interest on 20k of your mortgage, (nor are you earning any interest either though !) - but it always remains yours.
WIN WIN situation for you maybe ?ORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 20270
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