We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage advice please . . .
mummyemmy
Posts: 96 Forumite
My current deal ends 31st Dec. At present we have a £117K mortgage over 28 years, that will have reduced to approx £115K by then. We have also taken out a secured loan of £15K which we want to add on to the mortgage come December making the total we want to borrow £130K. I am 31 earning £22.5K, husband 27 earning £19K. My wages will reduce come 2008 as I am cutting my hours so wages will reduce to £13.5K.
We need a mortgage that will be manageable, at present the mortgage is £626 p/mth and loan approx £105 p/mth. Would it be worth going interest free and saving the rest elsewhere? Does anybody have any ideas, advice?!?
Thanks
We need a mortgage that will be manageable, at present the mortgage is £626 p/mth and loan approx £105 p/mth. Would it be worth going interest free and saving the rest elsewhere? Does anybody have any ideas, advice?!?
Thanks
0
Comments
-
At the moment, you should have no problems getting a remortgage, based on your 2008 circumstances. The market is tightening up, though - consider getting a remortgage offer now that is valid for 3 months. Be careful about going interest free - it makes it easier to spend the money, and it can often be hard to find a better return. Paying down your mortgage - you are earning the interest rate you pay, 100% tax free.I am a Mortgage adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards