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Interest Only Mortgage Query
in Mortgage-free wannabe
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All the term does is set the minimum payment which is what MSE are trying to say, but far better to keep the longer term and increase the payment(upto ERC limits)
£126k 8y at 2.44% I would look at getting that rate sorted it is way to high for 37% LTV.
On repayment schedule that would be £1470pm and total interest £13k
Should be able to get 1.5% get the interest down to £7.5 with the same payment
At 58 and nearing retirement age, although I hope to carry on working for a few more years after retirement, I am a bit wary about remortgaging, wondering if I could remortgage at this age. I don't have any debts, have some savings and have a works pension (not final salary). I also like the flexibility of an "Interest Only Mortgage" rather than being tied down to a "Repayment Mortgage".
Would I be able to remortgage? What sort of lenders and what are the costs involved in remortgaging if I could take this route?
Mortgage ends Aug 2050 MFW: Aug 2027
Current Balance: £62,999
MFW2020 #156 £723.13
MFW2021 #26 £1184.71
MFW2022 #11 £197.87
Backup/ Neutral fund £1351/£1000