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Am coming to the end of my fixed rate - advice needed
skaps
Posts: 2,255 Forumite
Will be coming to the end of my fixed rate in September and will probably go onto the svr. Atm I pay £160.11 op each month, and want to keep the payments the same so will be opaying quite a bit each month roughly £700. Should I also reduce the term of the mortgage (will be 27 years) or just keep opaying extra?
MFW 2016 No 68 £1300/£8500 No new toiletries Cook sth different
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Comments
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depends if you want the flexibility in the future i.e. if you cannot overpay as much..0
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You have flexability while on the SVR as you can overpay as much as you want! or just pay the normal monthly payment if things get tight.
If the SVR is less than 2.5% then fill cash ISA,s which are paying 3%+
If you reduce the term you have to pay the higher amount every single month0 -
So if I change the term I will be paying more each month but the interest overall would be less?MFW 2016 No 68 £1300/£8500 No new toiletries Cook sth different0
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