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Reduce mortgage term?
Kellybissett
Posts: 4 Newbie
We have 2 mortgages. Both 8 years left, owing £100k and £30k. Both coming out of cheap fixed deals in early 2023. Should we reduce the term of the £30k to say 3 years and get it paid. And extend the term of the £100k for the next 3 years (trying to keep monthly payment about the same but putting more towards clearing smaller mortgage quicker). Then after 3 years remortgage the £100k to shorter length and up the monthly payment to clear ASAP? I am 50.
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Comments
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Is this two properties? If not then just get a single mortgage for £130k…0
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It’s for 1 property. I wanted to get rid of 1 mortgage quickly. I suppose it’s more a sense of achievement paying 1off and then just dealing with the other.0
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