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Remortgage interest only or invest?

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Dlem
Dlem Posts: 2 Newbie
in Mortgages & endowments
My husband has an interest only mortgage with about 50% equity. His plan was always to sell at the end of the term and downsize. However since our marriage we now have more disposable income. Do we look to remortgage or somehow pay this off. Or are we better leaving it as it is and investing our money. Husband is 60.

Comments

  • LRmortgage
    LRmortgage Posts: 484 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    Why not start to make monthly overpayments out of the extra disposable income?

    Check with the provider, most allow up to 10% per annum without any Early repayment charges.
    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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    How many years until the mortgage debt is repayable?
  • Dlem
    Dlem Posts: 2 Newbie
    Just under 10 years.
  • Let_Us_See
    Let_Us_See Posts: 1,319 Forumite
    What is your attitude to risk?


    Do you want to gamble that your invested funds will be sufficient to redeem the mortgage in less than 10-years, or would you prefer the certainty of your mortgage being redeemed?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Dlem wrote: »
    Just under 10 years.

    Little time to rectify matters if markets fall. That's the downside. One should only risk what one can afford to lose. The mortgage should be considered as part of your overall retirements plans.
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