We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage Repayments - How should we do it?
sugartree
Posts: 95 Forumite
Hi MSE'ers,
Next year we really need to start paying money towards out mortgage, we are currently interest only and have been for 6 years. Is it best to arrange a new fixed-rate (Currently variable) with the provider or we thought out saving money in an ISA or savings account and pay a lump sum every year once interest has been added? The thing is, we are slowly reducing debt and it's now manageable and we don't want to be committed to a certain amount each month as we also need to do home improvements bit by bit without lending further money. We also want to sell up in the next 5-10 years....because it's such a bad neighbourhood and have an awful neighbour (for the last 5 years!). It does seem such an impossibility at the moment so would really apprecaite some advise and feel more positive that we will EVENTUALLY leave here!
Next year we really need to start paying money towards out mortgage, we are currently interest only and have been for 6 years. Is it best to arrange a new fixed-rate (Currently variable) with the provider or we thought out saving money in an ISA or savings account and pay a lump sum every year once interest has been added? The thing is, we are slowly reducing debt and it's now manageable and we don't want to be committed to a certain amount each month as we also need to do home improvements bit by bit without lending further money. We also want to sell up in the next 5-10 years....because it's such a bad neighbourhood and have an awful neighbour (for the last 5 years!). It does seem such an impossibility at the moment so would really apprecaite some advise and feel more positive that we will EVENTUALLY leave here!
Oh I do want to live in Countryside.......with the kids, pets and LOTS of books.........
£2020 in 2020 challenge #90 - £274.37/£2020
2020 penny challenge
£2020 in 2020 challenge #90 - £274.37/£2020
2020 penny challenge
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards