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interest only for a few years, good idea?
james3333
Posts: 752 Forumite
hi guys,
iam looking at moving house.
got a house worth 135k at the mo with 85k outstanding.
i plan to use the 50k i have in this house to move up to a bigger house, but is it a bad idea to take out an interest only mortgage for a few years to lower the payments?
i could stretch to repayments on the bigger house, but for just a few years should i go interest only, iam onlyt 29 years old, i have been pying into a pension since i started work and i have £3,000 savings.
any comments welcome
ALSO...
i have just secured a deal on the 85k outstanding @ 5.5% full repayment.
could i just get the extra borrowing as interest only and would that cut the repayments?
iam looking at moving house.
got a house worth 135k at the mo with 85k outstanding.
i plan to use the 50k i have in this house to move up to a bigger house, but is it a bad idea to take out an interest only mortgage for a few years to lower the payments?
i could stretch to repayments on the bigger house, but for just a few years should i go interest only, iam onlyt 29 years old, i have been pying into a pension since i started work and i have £3,000 savings.
any comments welcome
ALSO...
i have just secured a deal on the 85k outstanding @ 5.5% full repayment.
could i just get the extra borrowing as interest only and would that cut the repayments?
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