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Interest Only Mortgage Advice
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3. try and change over to a repayment mortgage, not sure if this possible and would they extend the length of the mortgage to bring the payments down?
once you switch to repayment there will be no going back.
overpaying/saving the equivalent is the more flexible solution with a low contractual payment.0 -
Yes that's obviously a possibility. We live in Greater Manchester, a nice area and property generally sells well, but it is obviously a risk.
Yes I agree getmore4less. We are currently working out a new budget to see if its possible to save enough. we should have an inheritance coming of around 80,000 which combined with the equity and any savings would mean we could buy something outright. Yes we would be downsizing. we had 4 kids who have all left home so really the house is far too big for us.
this thread has really helped me see the bigger picture.
I'm also going to take over and manage our own dmp.Started Self Managed DMP 10th May 2017.
Working hard to get rid of our debt.0
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