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Advice please!
Kristal_kc
Posts: 3 Newbie
Hi, this may be a really silly question, but I just thought I'd ask it.
I've had my mortgage with First Active for 10 yrs. 3 yrs ago I had difficulty paying some bills so switched to interest only. In the next 6-12 months I'm thinking on buying a bigger house with my boyfriend. Obviously I'd like to have as much equity from my house as possible as he doesn't own a property and is currently renting.
First Active have given me 2 options.
1) Revert to re payment for a fee of £75, however if I have problems paying again I cannot have interest free again.
2) Stay with the interest free option, however make additional payments to re pay my mortgage. If I do fall into difficulty again, I can revert back to interest only.
The second option seems the best, and they assure me there are no penalties to pay.
Can anyone advise me on the best option??
Many thanks in advance
KC
I've had my mortgage with First Active for 10 yrs. 3 yrs ago I had difficulty paying some bills so switched to interest only. In the next 6-12 months I'm thinking on buying a bigger house with my boyfriend. Obviously I'd like to have as much equity from my house as possible as he doesn't own a property and is currently renting.
First Active have given me 2 options.
1) Revert to re payment for a fee of £75, however if I have problems paying again I cannot have interest free again.
2) Stay with the interest free option, however make additional payments to re pay my mortgage. If I do fall into difficulty again, I can revert back to interest only.
The second option seems the best, and they assure me there are no penalties to pay.
Can anyone advise me on the best option??
Many thanks in advance
KC
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