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Best way to pay off my mortgage
Pritch2003
Posts: 6
Forumite
Hi, I am moving house and will have a 50k mortgage on a 250k house.
My question, what's the best option to get it paid off in 5 years?
Do I get a 5 year or a 25 year mortgage, fixed for 5 years, unlimited/limited overpayment? No early redemption fees?
I struggle with the numbers.
Is anyone confident in what they think would end up being the cheapest way to pay it off over the 5 years?
For the sake of the exercise please assume I can afford repayments and I'm young enough to get a long mortgage term etc. It's just the maths and percentages that I'm struggling to get my head around
Thanks for any help 🙏
My question, what's the best option to get it paid off in 5 years?
Do I get a 5 year or a 25 year mortgage, fixed for 5 years, unlimited/limited overpayment? No early redemption fees?
I struggle with the numbers.
Is anyone confident in what they think would end up being the cheapest way to pay it off over the 5 years?
For the sake of the exercise please assume I can afford repayments and I'm young enough to get a long mortgage term etc. It's just the maths and percentages that I'm struggling to get my head around
Thanks for any help 🙏
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