Hi all im hoping for some advice please.
My partner and I are separating and will need to sell our current home.
I will be renting elsewhere whilst my partner will be staying at current home for a year.
we have a mortgage of 132,000 (24 years) the current house value is 161,000. we are currently on a 5.89% rate with no ERC paying £700 a month.
As we are able to remortgage is it worth taking out a interest only mortgage (over 2 years) to drastically cut the monthly bill down as the house will be sold in 1 year anyway? this is to allow my partner and i to realign our finances and customize to new circumstances.
putting the house on the market before this time next year is not an option for us.
any advice given will be greatly appreciated
My partner and I are separating and will need to sell our current home.
I will be renting elsewhere whilst my partner will be staying at current home for a year.
we have a mortgage of 132,000 (24 years) the current house value is 161,000. we are currently on a 5.89% rate with no ERC paying £700 a month.
As we are able to remortgage is it worth taking out a interest only mortgage (over 2 years) to drastically cut the monthly bill down as the house will be sold in 1 year anyway? this is to allow my partner and i to realign our finances and customize to new circumstances.
putting the house on the market before this time next year is not an option for us.
any advice given will be greatly appreciated