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Mortgage advice
Masterpipe_3
Posts: 10 Forumite
Hi all I'm new to this site.. But I would like some advice on mortgages
I'm not sure what to do, whether to use all my savings as a remortgage and have a 7 year mortgage left. (£800 per month)
Or move to a better area near nicer schools and up the years of the mortgage to 15years (still using all the savings) and months repayments of £800. I can't decide what's better 7 years and be mortgage free or the nicer house and area. Argh any advice would be fantastic
Master pipe 27
Norfolk
I'm not sure what to do, whether to use all my savings as a remortgage and have a 7 year mortgage left. (£800 per month)
Or move to a better area near nicer schools and up the years of the mortgage to 15years (still using all the savings) and months repayments of £800. I can't decide what's better 7 years and be mortgage free or the nicer house and area. Argh any advice would be fantastic
Master pipe 27
Norfolk
0
Comments
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What do you want to do?
Remember you get just one go at life.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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 -
Very true my thinking is that 7yrs time mortgage free then everything I earn would be saved. It's so hard I just want to give my family the best possible life0
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DO you have kids? Are schools important?
No point being near a good school if you have no use for it.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 better area as the property will be more likely to increase in value anywayBlackpool_Saver is female, and does not live in Blackpool0
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having just gone through the stress of 11+ to get my DD to grammar school rather than the local dive I would place a decent school very highly on my quality of life priority list0
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Whatever you do, if you have the option of not spending all of your savings then I would explore it.
You can't exclude the possibility of needing emergency funding for something (car, boiler, redundancy, unexpected critical illness, etc) and you're stuffed if you've got no buffer.0
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