Has anyone converted their mortgage back to int only to help them stick to a budget??

Broken_hearted

I wouldn't do it money down the drain, repaying the debt saves money in the long run.

swampduck

Is it possible to extend the mortgage to 25 years and reduce your payments that way without switching to Interest only?

Swampy


http://www.mortgageguideuk.co.uk/blog/advice/why-i-increased-my-mortgage-term-from-30-years-to-47-years/

chevalier

We extended the length of our mortgage to stay on repayment. Having said that we are pretty certain that we will be selling our house in 2-3 years anyway, so won't be paying all the extra interest that lengthening the term would accrue

Two things, have you posted a statement of affairs on here, to see if we can spot some savings for you to help out?
And also have a look at www.whatsthecost.com. They have a calculator on there which lets you see how much extra interest you would pay by varying repayment lengths, plus for your unsecured credit, it can advise you as to what to pay off first, to minimise the amount of interest you can pay.
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