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LucyBl79

Thrugelmir wrote: »

If you are struggling to repay a debt. How are you going to save a deposit for a property?

Deposit is sorted. Thanks for your concern!

matttye

Why not pay off the entire balance using part of your mortgage deposit, then pay back into your deposit over the next 1-2 years.

You will save heaps of money on the interest you've been paying this way and also won't pay interest on a loan.

If this isn't possible for whatever reason, then just pay off as much as you can afford each month. If the lender is going to report late payments until the entire balance is paid off then the loan might not be such a bad idea, but if they're going to start reporting the account as up to date again, paying it off bit by bit will be fine - although expensive.

nicp60

What Matttye said... You'll be hard pressed to get find a mortgage with an outstanding debt which has late payment markers every month up to the present. I suspect they'll do that every month until it's paid off. They may even default it at a later stage.

What's the normal minimum repayment?