Property News · May 25, 2017

What's the best way of paying off my interest-only mortgage?


I have a savings account plus two Isas, and need advice to ensure I can repay the outstanding balance in five yearsQ I have an interest-only mortgage from a well known high street bank. The balance outstanding is £139,000. The lender has informed me that I have five years left to settle this balance and that I need to discuss my options for repaying the mortgage. The options are reviewing the performance of any repayment strategy with a financial adviser; extending the term of the loan to match my repayment strategy; or changing the mortgage so I repay some capital as well as interest (at a rate of 3.49%). I regularly save 20%-28% of our monthly income in a savings account offering a low interest rate. I have two Isas and am thinking of starting another. Continue reading…

Source : theguardian.com
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