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Is this right ? Overpayment/Homebuy ?

41 Posts

Hi there , me and my wife have taken the homebuy option and as I understand it we have 5 years to pay back what we owe the housing company what we owe them if we choose (£42,000) , now we have 4 years left of their interest free so would it be better overpaying on our mortgage (£120,000) and then in 3/4 years getting a mortgage for the full amount ?
Are there any better options , I do not want to really lose the option of interest free of £42,000 for 4 years unless there is a better way of making our money work for us .
Many Thanks
Are there any better options , I do not want to really lose the option of interest free of £42,000 for 4 years unless there is a better way of making our money work for us .
Many Thanks
0
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Replies
now the thing that concerns me is do you have to repay the whole £42000 in 4 years and what happens if you cant afford too!
Have much equity do you have in the property and can you save the £42K in say cash ISA,s over the next 4 years! Good Luck