Due to doubling up on childcare costs now 1800pcm I am considering the Interest only option for 2 years on my mortgage
I am 2 years into 28year mortgage-
Is the IO formula based on outstanding principal owed X rate X 12
I understand I will have to change my life cover
Thus far I seem to able to shave off 400pcm and when I start repaying principal I will be paying approx an extra 50 euro per month on my current outlay
my sister has 3 kids and got an au-pair from france costing 85 euro per week plus food /accomodation. for this she gets 35 hours a week of work (minding ,ironing,cleaning)to include two nights babysitting,the kids are picking up french too ! not a bad option if your flexible and have a spare room .