Mortgage advice

moliver_93

I was looking for some advice on my current situation.

I currently have an interest only mortgage of around 270,000, and my property has been valued at 430,000.

I half own another property which I am about to sell, which means I should be receiving around 50,000.

My husband is self employed and semi retired, and I work part time. In around 7 years we are planning on selling our current home and hoping to be able to buy a small property outright with the equity we should make.

I just wanted to possibly get some advice on whether to remortgage and try to get a repayment mortgage, or any other ideas!

Thanks in advance.

foxy-stoat

Is the total household income more or less than £55,000 and how close to retirment age are you both?

Maybe better to put the £50,000 into the "repayment vehicle fund" or £25K to pay a chunk off the mortgage and £25K in Premium Bonds.

Speak to an independent finanical advisor with that amount of cash though.

getmore4less

Whats the rate and when does the mortgage term end?

No point doing it just for repayment as you can overpay now if you want to reduce the ammount owing in preperation for downsizing.