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Mortgage help
Helptosave2022
Posts: 1 Newbie
I have a mortgage which is in 2 parts because when I moved I was fixed so the lender gave me 2 products. 1 is on a fixed rate until 2024. The second product is due to end. I’m going to pay off 30k from this product but interest rates will be higher so won’t make much difference to the payments, am I better asking for this to come off the term or to reduce my payments. If I pay off the term will my payments still be higher
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Comments
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I personally always opt for lowering the mandatory monthly payments. That way I can still overpay if I want to but also retain the flexibility to go back to a lower minimum payment if I need/want to.
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Reduce payment then overpay each month. Far safer in case you find you need the extra money each month.0
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