Soldato
what term can you realistically get? I'm 33 so I'm sorta hoping to extend it to as far as I can so my monthly commitment is low and just over-pay what I can.
we're due to for renewal mid'25..
we're due to for renewal mid'25..
what term can you realistically get? I'm 33 so I'm sorta hoping to extend it to as far as I can so my monthly commitment is low and just over-pay what I can.
we're due to for renewal mid'25..
I think you can change up until the day the mortgage actually kicks in, so I locked in a few for mine and just jumped a better (or less worse) one when they became available.
They allowed me to go to 70 y/o without any additional checks. She said over 70 they run a credit check/would need paperwork.what term can you realistically get? I'm 33 so I'm sorta hoping to extend it to as far as I can so my monthly commitment is low and just over-pay what I can.
we're due to for renewal mid'25..
ah right, yeah I was thinking 30-35. My other half is 35 so we should be good for 30 year term.They allowed me to go to 70 y/o without any additional checks. She said over 70 they run a credit check/would need paperwork.
Just sanity checking...
There is no penalty to going for a nice long term upon renewal, to get the mandatory required monthly payment down to as low as possible, if you then aim to overpay significantly over time?
The longer you take to pay it off obviously hurts you with more and more interest, but essentially, to keep renewing at 30 years every 5 years, is a good tactic to protect you if you say lose your job and can only afford lower repayments for say 6 months?
yeah fine to do but like @BUDFORCE said, really depends on how much you've got left.. my mortgage is chunky with 380k left so 10% overpayment limit is not an issue.Just sanity checking...
There is no penalty to going for a nice long term upon renewal, to get the mandatory required monthly payment down to as low as possible, if you then aim to overpay significantly over time?
The longer you take to pay it off obviously hurts you with more and more interest, but essentially, to keep renewing at 30 years every 5 years, is a good tactic to protect you if you say lose your job and can only afford lower repayments for say 6 months?
Came to say the same thing.yeah fine to do but like @BUDFORCE said, really depends on how much you've got left.. my mortgage is chunky with 380k left so 10% overpayment limit is not an issue.
what term can you realistically get? I'm 33 so I'm sorta hoping to extend it to as far as I can so my monthly commitment is low and just over-pay what I can.
we're due to for renewal mid'25..
We’ll probably extend, currently on 21 years taking us up to 60, but we can extend it to 70 with no checks. We’re in a slightly unusual situation, so it’s a no brainer for us. I’ll have it paid off long before then anyway, but they don’t need to know that![]()
This right here --- I haven't had a rainy day fund for years now. Pushing it to longest possible means we can bank the diff and create a new emergency pot. The value of the security even if rates drop makes it a no brainer for me. Currently at 5% in ZOPA luckily, but I'd probably hold a big pot even at 3.5%.Right now better of at the very least sticking it in a fixed isa and maxing that out. Firstly you get higher interest that way, secondly if you lose your job or something you have a long runway.
I’m sure they will still retire but if they want to retire earlier then it will take commitment that many won’t be willing to make.Lenders know that people in their 30s now will never be able to retire.
If half a percent is only worth £21 a month to you, I'd stick on 5 years and just forget about it. I mean even if they went to 3.15% you're still only up £40/mo?It's getting closer and closer to my fixed term ending and I'm unsure if I should lock in a 5 year term at 4.15% or a 2 year deal at 4.65%. The difference in my monthly payment between the two would be £21, but I'm thinking surely the rates will drop some more over the next 2 years and I'll be able to fix at a better rate in 2 years time? But then a part of me thinks it would be wiser to fix in for 5 years just to be safe should something happen in the world that causes inflation etc to spike again.