We have a mortgage of 315k over 35 yrs.
Fixed at 3.99 & Interest Only for 3 yrs.
Our current repayments are 1047 p/m TRS Credit of 133 p/m. Will go up to 1392 p/m if we started paying Capital & Interest.
We also save 300 a month to build up a lump sum that we will use to pay
off some of the balance of the mortage after the Fixed period expires.
We also have a lodger who pays 350 p/m rent.
The advise I want is, should we start paying capital & interest repayments and start to reduce our loan amount or should we continue to take advantage of the fact we got interest only for 3 yrs?