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Repayment
Dukess_18
Posts: 9 Forumite
Hiya Can i get some advice please,I have a mortgage for £54,000 on my house,which is worth around £97,000. I have another 15years on the mortgage,but my re-payments are 'Interest only' Im 47 this year,so i need to start making payments off my mortgage,and make arrangements to repay the debt when the Mortgage ends.Please can you advise me on the best route to take please?As im really starting to think about my future now.Thank-you,regards Geraldine..:eek:
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Comments
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If you want specific advise you need to speak to an advisor.
But your options are to keep it as it is and overpay each month, transfer it to repayment with your current provider or transfer to a new lender on a repayment basis... if you transfer it to repayment you may have to go through an affordability check with the lender, so you would have to meet their current criteria for that.I am a Mortgage AdviserYou 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 -
The monthly cost of a 15 year £54,000 repayment mortgage at 4% is £399 per month. If you make voluntary overpayments on top of the interest, taking the total you pay up to £400 per month, you will repay the mortgage within the fifteen years.
If you don't think you are disciplined enough to do that voluntarily, ask your lender to switch you to a repayment mortgage instead. See if you can get a better rate too, presuming you have no early repayment penalties to leave another rate which already applies.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you so much,you have given me some idea of where i should start,much appreciated,regards Geraldine:THiya Can i get some advice please,I have a mortgage for £54,000 on my house,which is worth around £97,000. I have another 15years on the mortgage,but my re-payments are 'Interest only' Im 47 this year,so i need to start making payments off my mortgage,and make arrangements to repay the debt when the Mortgage ends.Please can you advise me on the best route to take please?As im really starting to think about my future now.Thank-you,regards Geraldine..:eek:0
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