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Overpay mortgage advice please..
stego98
Posts: 1 Newbie
Hi...currently living in australia and renting my house in the UK. mortgage is £65,000, currently got an interest only mortgage. here for another 3 years, and saving money which im sending back to my UK bank ( good exchange rate at the moment )
should i revert back to a normal c and i mortage, and overpay my £500 a month limit, or just wait till i come home in 3 years, and pay off a lump sum?
thanks
should i revert back to a normal c and i mortage, and overpay my £500 a month limit, or just wait till i come home in 3 years, and pay off a lump sum?
thanks
0
Comments
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What's your current interest rate? Can you get a higher savings interest rate linked to the UK interest rate at all?
If you can, I'd save the money up and then clear it off in 3 years time, but it does depend on a huge amount of your attitude to risk etc.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370
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