Advice please - would like to switch to repayment mortgage but husband on nhs pension

hcb42

Do you really want to be paying a mortgage when he is 80, if he is already in ill health that he has retired so young? the term seems way too long at that age, despite what the market might offer?

amnblog

There is guaranteed income from the pension, this makes age of limited difference.

Gin_and_Milk

We're renting out our old house which has 10 years left. The plan is to sell that which should then pay off our current mortgage. I'd like to start putting some equity into this house though.

cloud_dog

Nationwide allow you to overpay by either £500 per month of 10% of the balance if you are on a 'deal' (fixed, etc), depending on your mortgage T&Cs.

Alternatively, if you are not on a deal then you are able to over pay what you like as frequently as you like.

Similarly, you don't necessarily need to switch from interest to repayment to overpay. It's just the amount that is dependent on any T&Cs.

Gin_and_Milk

That's something else - the amount we can afford to overpay each month. The problem with that is we would probably find ourselves paying a lot of interest and not much capital.

My brother has given the contact details of an adviser he's used who got him a really good deal with his mortgage, so I'm going to give him a ring.

Thanks for all your help