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renewing mortgage - with Nationwide - options
majormax
Posts: 59 Forumite
my mortgage is £58,000 and i would like to go to interest only just for 18 mths, as i want to pay credit card off and be able to put a little away for emergencies. N/W wont accept pension (due to start in 18 mths - plus i will still have my salary) as vehicle for repayment as it is paid monthly and no lump sum payment. have offered to extend my term, which i can switch back in twoyears when due for renewal again. am i best to take this option and reduce payment by £140 per month or look at starting pension or endowment so i can give them what they are looking for and drop my payments down further? thanks very much.
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