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Mortgage Overpayment - term/holiday dilema
solarstone
Posts: 176 Forumite
I recently overpaid max lump sums in 2007 and 2008 to mortgage which is 66% repayment / 33% IO. Currently it stands at around £140k all in.
At the time, rather than drop the monthly repayments on the repayment, I dropped the term length.
With the current climate, I wish I had held onto the money now, but wanting to claw some back, my question is:
Would it be better to increase the term again and pay less per month? or take a payment hol for a few months ? (I know this can impact your credit rating).
Oh, it's a 2 yr fixed finishing end of 2008.
At the time, rather than drop the monthly repayments on the repayment, I dropped the term length.
With the current climate, I wish I had held onto the money now, but wanting to claw some back, my question is:
Would it be better to increase the term again and pay less per month? or take a payment hol for a few months ? (I know this can impact your credit rating).
Oh, it's a 2 yr fixed finishing end of 2008.
Like a priceless jewel buried in dark layers of soil and stone, earth radiates her brilliant beauty into the caverns of space and time.
Stately trees seem to brush the deep blue sky. Clouds billow to form magestic peaks. The songs of birds fill the air creating symphony upon symphony
Stately trees seem to brush the deep blue sky. Clouds billow to form magestic peaks. The songs of birds fill the air creating symphony upon symphony
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