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Interest only Mortgage
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teamachiever
Posts: 1 Newbie
I have been paying Intrest only for over 8 years at a very high rate and because my apartment is in negative equity I can't change my lender ......
I am paying £700 interest only on a £123,000 Apartment market value at the moment about £89,000 .......Surly with the interest being so low there is something I can do or do I have to allow this ridiculous high rate to continue because 8 years ago I got tied in.....
I would appreciate any answers you may have or direction I should go to look
THANKS IN ADVANCE.
Bernie
I am paying £700 interest only on a £123,000 Apartment market value at the moment about £89,000 .......Surly with the interest being so low there is something I can do or do I have to allow this ridiculous high rate to continue because 8 years ago I got tied in.....
I would appreciate any answers you may have or direction I should go to look
THANKS IN ADVANCE.
Bernie
0
Comments
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No one will lend you more than your property is worth. So with interest rates so low, now is the time to overpay as much as you can.
And don't call me surly. I'm just a little grumpy today.teamachiever said:Surly with the interest being so low there is something I can do
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Overpay the mortgage , reduce the debt owed and incur less interest.2
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.Surly with the interest being so low there is something I can do or do I have to allow this ridiculous high rate to continue because 8 years ago I got tied in.....
Switch to repayment basis or overpay to get yourself out of negative equity.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
6.8% is high.
What do you earn, how much free cash flow do you have or could have with cutbacks.0
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