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Government loan to pay interest on lifetime mortgage
animox
Posts: 47 Forumite
A friend is getting mortgage interest paid via a government loan (not sure of the correct term) on a endownment mortgage. She (74) is going to change this to a lifetime mortgage as the endowment term is coming to an end. The government department seem happy to continue offering to pay the interest on the new mortgage.
I can't do the numbers, but does this mean the compounding interest on the mortgage is lessen? Government loan is 1.5% mortgage will be around4% total borrowed 100k. Thanks for your thoughts
I can't do the numbers, but does this mean the compounding interest on the mortgage is lessen? Government loan is 1.5% mortgage will be around4% total borrowed 100k. Thanks for your thoughts
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