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Mortgage option - to hire or not to hire
Coops1221
Posts: 3 Newbie
Hello
Im hoping someone on here will be able to help me / point me in the right direction. Me and my wife have recently changed mortgage companies and will soon have the facility to make unlimited over payments. Im currently weighing up the option of trading my car in for a contact hire car.
I don’t have any loans / credit outstanding and the only debt me and my wife have is our mortgage. We had planned on making over payments and paying it off over a period of six years (the current term is 20y).
My friend recently got a car on contract hire and although im not massively keen on, all of a sudden, having monthly payments I can see how it makes sense when you think about how much you lose on a car normally. (my view is that you either commit to one path - buy cars or hire cars, that way financially it makes sense).
Im thinking about trading in my car and getting a hire car, I anticipate getting around 10K cash back from this and then I can use this to pay off more of the mortgage.
Question is – How do I work out if this make financial sense are there any calculations you would suggest or any spreadsheets that could take the burden off my abacas.
Thanks for any advice on my plans (from the financial sense and from the ‘living with contract hire’ sense)
Im hoping someone on here will be able to help me / point me in the right direction. Me and my wife have recently changed mortgage companies and will soon have the facility to make unlimited over payments. Im currently weighing up the option of trading my car in for a contact hire car.
I don’t have any loans / credit outstanding and the only debt me and my wife have is our mortgage. We had planned on making over payments and paying it off over a period of six years (the current term is 20y).
My friend recently got a car on contract hire and although im not massively keen on, all of a sudden, having monthly payments I can see how it makes sense when you think about how much you lose on a car normally. (my view is that you either commit to one path - buy cars or hire cars, that way financially it makes sense).
Im thinking about trading in my car and getting a hire car, I anticipate getting around 10K cash back from this and then I can use this to pay off more of the mortgage.
Question is – How do I work out if this make financial sense are there any calculations you would suggest or any spreadsheets that could take the burden off my abacas.
Thanks for any advice on my plans (from the financial sense and from the ‘living with contract hire’ sense)
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