Lots of equity but struggling on affordability

Thrugelmir

Margaretmae wrote: »

Due to high childcare costs I can't afford to go back to repayments.

Borrowing more money isn't going to resolve your problems that's a certainty. Overpaying your mortgage by any amount every month will at least start to address the debt. Even if full amounts are not a possibility.

You've 20 years to retirement so with the right attitude should not be an insurmountable problem. Making real sacrifices now is a personal choice. But one which would pay dividends.

getmore4less

Just start overpaying what you can afford now.

In 5 years when affordability improves overpay more and investigate extending term if it is still a problem to clear the debt with the current deal.