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What can be done to reduce monthly outlay?

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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

Comments

  • craigmc
    craigmc Posts: 121 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    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
    Mr_helpful Posts: 3,233 Forumite
    you could take a flexi mortgage on interest only and over pay by whatever is comfortable each month
    I like to give people as many choices as possible to do what I want them to. (Milton H Erickson I think)
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