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mortgage term
want2bmortgage3
Posts: 1,966 Forumite
I am thinking of re-mortgaging but unsure what term to go for.
I am 30 and my current mortgage has 20 years left.
However, I could extend this to 25 or 30 years, this would significantly reduce the monthly payment.
My job is slightly uncertain and I wonder if it will be safer to go longer and have less to pay each month.
Basically I'd like to know what factors do you consider when deciding on term?
I am 30 and my current mortgage has 20 years left.
However, I could extend this to 25 or 30 years, this would significantly reduce the monthly payment.
My job is slightly uncertain and I wonder if it will be safer to go longer and have less to pay each month.
Basically I'd like to know what factors do you consider when deciding on term?
0
Comments
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While in employment best to pay down as quickly as practically possible. This then gives you the options to extend the term or drop onto interest only when times do get tough.0
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