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mortgage pot - help !!
xavier634
Posts: 1 Newbie
Hi, have a mortgage which has a pot connected where as the mortgage was paid the available pot we could borrow increased, home improvements and used £14,000. Fast forward 2 years and still have £12,900 as when i pay off £80 a month about £50 goes on in interest, therefore not really paying this off very fast, whats best to up the payments or wait 2 years until I come out of the current 4.98% fix, currently have just under 10 years left on mortgage which is when this has to be paid off. Any ideas would be most gratefully received
0
Comments
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1) Keep paying the minimum for the next ten years, add to mortgage when you choose another product.
2) Over pay each month to reduce quicker
3) You could take out further borrowing to clear the amount owed to mortgage company but this would be daftSealed pot challange no: 3390
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