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MF and equity loan?
Martha42
Posts: 6 Forumite
Hi all, I would really appreciate some advice. I wish to overpay by about £50 to £100 a month. 2 yrs ago I took out a mortgage for 121000k, along with a Open Market Homebuy equity loan of around 52000k.
I live in London and my plan is to sell and buy outside london in about 10 years.
I can't pay off the equity loan so that will be paid back with it's percentage of the equity when I sell. Any snags to overpaying the mortgage when there is also an equity loan? No chance the mortgage will be fully paid off before I sell.
Property similar to what I have now is around the £121000 outside of London, so I feel that I need to have as much paid off my mortgage as I can before then (not getting any younger, sole earner, not a lot of chance of promotion or salary increase in the next 10 yrs etc)
My next question is is there any correct terminology I need to use when dealing with my lender to ensure that my term decreases and not just my monthly payments?
Anything else I need to be mindful of?
Much appreciated.
I live in London and my plan is to sell and buy outside london in about 10 years.
I can't pay off the equity loan so that will be paid back with it's percentage of the equity when I sell. Any snags to overpaying the mortgage when there is also an equity loan? No chance the mortgage will be fully paid off before I sell.
Property similar to what I have now is around the £121000 outside of London, so I feel that I need to have as much paid off my mortgage as I can before then (not getting any younger, sole earner, not a lot of chance of promotion or salary increase in the next 10 yrs etc)
My next question is is there any correct terminology I need to use when dealing with my lender to ensure that my term decreases and not just my monthly payments?
Anything else I need to be mindful of?
Much appreciated.
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