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short term interest only
oxford_yellow
Posts: 12 Forumite
Hi, I will be remortgaging in next month or so, with a LTV of around 60%.
is it possible to go on interest only for a short period (approx 1 year) before going back to capital and interest, in my head it seems a great way of short term saving with not to much of a knock on effect (im 31 with 20yrs left on current mortgage)
current pay: £750 approx.
interest only: £ 250 approx.
so saving £6k in a year
or is this simply not possible?
thanks in advance.
is it possible to go on interest only for a short period (approx 1 year) before going back to capital and interest, in my head it seems a great way of short term saving with not to much of a knock on effect (im 31 with 20yrs left on current mortgage)
current pay: £750 approx.
interest only: £ 250 approx.
so saving £6k in a year
or is this simply not possible?
thanks in advance.
0
Comments
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To reduce your outgoings. Simply extend the term of the mortgage.0
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