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Move mortgage?
shakemeup
Posts: 90 Forumite
Our 2 yr fixed deal is coming to an end May 31st with the Nationwide. We have a 164000 mortgage and have been paying interest only (term left 23 yrs). We are now considering going to repayment or half and half.
However, we are considering moving in 2 yrs time so should we stay on interest only (and use extra to pay some debts - as we have a few!) and then get a new mortgage when we move repayment over 20yrs.
Any advice would be great.
Income
£28848
£29000 £7200 travel expenses which is regular payment and £3000 yearly
bonus which although is dependent on company performance has
always been given.
However we do have two car finance agreements (300 and 250) and two loans (153 and 175) and about 10,000 on cc.
Do we plough the extra money into getting rid of some of the above instead of going to a repayment?
However, we are considering moving in 2 yrs time so should we stay on interest only (and use extra to pay some debts - as we have a few!) and then get a new mortgage when we move repayment over 20yrs.
Any advice would be great.
Income
£28848
£29000 £7200 travel expenses which is regular payment and £3000 yearly
bonus which although is dependent on company performance has
always been given.
However we do have two car finance agreements (300 and 250) and two loans (153 and 175) and about 10,000 on cc.
Do we plough the extra money into getting rid of some of the above instead of going to a repayment?
0
Comments
-
Personally if you are moving in a couple of years then the first thing i would say is dont fix in to long on your next deal
stay interest only and plough as much cash into your debts as humanly possible, then when you move switch to repayment and if possible use proceeds from your sale to pay off your debtsI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for the advice.0
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