What can be done to reduce monthly outlay?

Dalglish

Hi

I have a 10 year term left on my repayment mortgage of £145k, which costs £1500 a month.
However, I'm struggling to meet this monthly cost with other bills to pay.
What I would like to know if I increase my term back to 20 years and redeem my current mortgage, what would my new monthly repayment be?
YEs I know the interest payable in the longer term will be greater but I would plan in a few years to redeem again and have an 8 years term once my financial position had improved.

Any tips welcomed or ways to calculate the payments to help with decision making.
Thanls
Steve

craigmc

Dalglish wrote: »

Hi

I have a 10 year term left on my repayment mortgage of £145k, which costs £1500 a month.
However, I'm struggling to meet this monthly cost with other bills to pay.
What I would like to know if I increase my term back to 20 years and redeem my current mortgage, what would my new monthly repayment be?
YEs I know the interest payable in the longer term will be greater but I would plan in a few years to redeem again and have an 8 years term once my financial position had improved.

Any tips welcomed or ways to calculate the payments to help with decision making.
Thanls
Steve

Hi steve

why dont you find out what the interest only rate would be. You could pay this for a short period, however, bear in mind that your repayments would be higher again when switching back

cheers

Mr_helpful

you could take a flexi mortgage on interest only and over pay by whatever is comfortable each month