Few mortgage questions

getmore4less

BEWARE

Halifax retention deals are tiered on loan size smaller loan higher rate.

particularly bad as you drop under £100k

CashStrappedTeen89

Have around 2-3 months for rainy periods. I can see the benefit of the longer term. I’ll look st the differences and work out the overpayment option. See which would be better value.

getmore4less

CashStrappedTeen89 wrote: »

Have around 2-3 months for rainy periods. I can see the benefit of the longer term. I’ll look st the differences and work out the overpayment option. See which would be better value.

If the total payments are the same there is no difference.

All the initial terms does is set a contractual payment.


With savings in reserve you can save money with longer terms and overpayments.
you dip into your saving to overpay a lot at the start of the ERC year then top savings up from income with what would have been regular overpayments.

on 2% £100pm or £1200 in month one saves around £12

CashStrappedTeen89

Thanks for the help everyone. I do get the point of taking longer just got to make sure the flexibility is there to overpay