Hi there
We have read the other posts on the theme of trackers but can't find anything that deals with our query specifically.
We have a tracker mortgage. one of the terms of the mortgage is that any amouont paid in excess can be later withdrawn without penalty.
we regularly pay lump sums in. We also reduced the term of our mortgage from 35 years to 19 years.
However, we now recognise the value in having a tracker and are considering lengthening the term again. This means that we could have the tracker for longer thus the money we have put in, in excess of the required repayment, could be withdrawn and used towards the purchase of a new house at the tracker rate.
Do you think this makes sense? any comments or suggestions would be appreciated
W
We have read the other posts on the theme of trackers but can't find anything that deals with our query specifically.
We have a tracker mortgage. one of the terms of the mortgage is that any amouont paid in excess can be later withdrawn without penalty.
we regularly pay lump sums in. We also reduced the term of our mortgage from 35 years to 19 years.
However, we now recognise the value in having a tracker and are considering lengthening the term again. This means that we could have the tracker for longer thus the money we have put in, in excess of the required repayment, could be withdrawn and used towards the purchase of a new house at the tracker rate.
Do you think this makes sense? any comments or suggestions would be appreciated
W