Total interest | €93,787.01 |
Total interest | €97,320.49 |
Thanks, Is that for or against the 30 year or pro or against the 29 Year.The general advice would be to take as long a contractual mortgage as you can get but overpay and reduce it was quickly as possible.
But you're not talking about 5-10 years, you're talking 12 months. In the greater scheme of things is the 25 quid going to be the difference between defaulting and not or make that much difference to your day to day life?
Thank you, Re the life insurance- I have Convertible Mortgage protection insurance only for the mortgage so i can extend it without having to do another medical questionnaire.Surely the difference between a 29 and a 30 year term is hardly worth worrying about? Especially if the plan is to continue accelerated repayment so that the effective term will probably be a lot less than either term? If I was in your shoes I'd just stick with the existing term (29 years remaining), not have the hassle of having to put new life insurance in place and maybe cancel the old one, and then continue accelerating repayments if/when possible where the money isn't needed for higher priority purposes such as enjoying living, pension contributions, paying down higher cost debts etc.
Yes, but it will cost you more.Thank you, Re the life insurance- I have Convertible Mortgage protection insurance only for the mortgage so i can extend it without having to do another medical questionnaire.
Il stick with 29, iv already overpaid by about 7k in the first Year.Yes, but it will cost you more.
It's not really clear what your priorities are here.
Minimising the monthly mortgage and related payments (which would mean taking the longest possible term) versus minimising the total cost of the mortgage (which would mean taking the shortest possible term - from the outset or by accelerating repayments)?
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