interest only mortgage or stay with capital and interest

jedimonkey

ejones999 wrote: »

You will soon become accustomed to paying the lower monthly repayment and it will soon be forgotten to start capital repayments again - because something else will always crop up - it always does - its called life.

Have to agree there. thats what happened to me - just getting back around to repayment after over a year on interest only. My excuse was a wedding/honeymoon last Christmas (06). Then we fitted a new kitchen (autumn) followed by a baby (christmas 07).

Im happy I did it at the time as it suited. money isnt a problem for us, and once back on repayment we can comfortably overpay by a few hundred quid a month - and regret nothing as we had a great wedding, fantastic honeymoon, have a great house and a lovely baby boy....... now back to repaying the mortgage

chappers

ejones999 wrote: »

Oh no she doesn't :rotfl:

I apologise

firesidemaid

hi there

have you thought about (prob on DFW board) posting your SOA -list of monthly incomings and outgoings incl. any mortgage/debt interest rates - then the good folks on this site can help you save money from all sorts of places you hadn't thought of. it's amazing how the savings add up.

if you do this first, it will help you see if you really need that payment holiday/interest only mortgage or not x

ruthb1

ejones999 wrote: »

Sorry but this changes nothing.

You didn't have the money then you don't have it now - changing to an interest only loan is a soft option.
You will soon become accustomed to paying the lower monthly repayment and it will soon be forgotten to start capital repayments again - because something else will always crop up - it always does - its called life.

how do you know that i didnt have the money then!!!!! do you know my personal circumstances how could i afford to pay £1000 upfront then. just becuase i am struggeling at the moment doesnt mean to say that i always have and always will. i didnt come on here to be personally attacked and to me thats what you are doing, yes i know i shouldnt be going, yes i know i am silly, but sorry for livng. maybe you havent done any daft things in the past maybe you are perfect, im not and i dont pretend to be, i just wanted a bit of advice and i dont need you critising me for what i have done in the past. if you cannot give me any advice then please do not post me a response

iazms

Payment holiday is definately worth enquiring about. Also could you increase the term of the mortgage, that usually brings the monthly payments down a little though you are paying more interest in the long run but atleast its not ONLY interest. You could always start to overpay and bring the term back down when things get a little better.

All the best in getting things back to normal. Enjoy the holiday!

jonesMUFCforever

ruthb1 wrote: »

how do you know that i didnt have the money then!!!!! do you know my personal circumstances how could i afford to pay £1000 upfront then. just becuase i am struggeling at the moment doesnt mean to say that i always have and always will. i didnt come on here to be personally attacked and to me thats what you are doing, yes i know i shouldnt be going, yes i know i am silly, but sorry for livng. maybe you havent done any daft things in the past maybe you are perfect, im not and i dont pretend to be, i just wanted a bit of advice and i dont need you critising me for what i have done in the past. if you cannot give me any advice then please do not post me a response

From what you have written so far a few words from me written on a public forum is the least of your worries.
Stop deflecting the truth here - if you had not booked this holiday and all the expense that goes with it your financial circumstances would be a lot better.

Sorry you didn't like my response but sometimes the truth hurts - whether you want to admit it is another thing.

firesidemaid

i have been meaning to say this on here for a while:

'Please be nice to all moneysavers'

the OP asked for advice - she cannot change the past, only the future x

jonesMUFCforever

sazzacat wrote: »

i have been meaning to say this on here for a while:

'Please be nice to all moneysavers'

the OP asked for advice - she cannot change the past, only the future x

In that case would your advice be to cut her losses and cancel the holiday??

bandraoi

She asked for advice and she has received some.
She didn't ask to be advised only what made her feel good and better.

The phrase 'Please be nice to all moneysavers' doesn't mean patting someone on the back and helping them make the wrong decision, or not being honest with your assessment of the situation on the off chance that somebody somewhere could potentially be offended by your comments.

It does however mean pointless personal insults like:

You sound like a !!!!!! smelly rodent just waiting for someone to crush your emotionless soul of your little @sshole

Merlot

ruthb1,

My advice to you is to go over to the Debt wanabee board, you will not get the kind of welcome over there as you have here.

Some of you posters should be absolutely ashamed of yourselves, the OP needs help, "please be nice to moneysavers", very few of you on here know the meaning of that!