... Would we be best off overpaying like mad for that time???
I'm thinking that if we only pay the basic repayment each month then come the end of the 2 year deal we won't have paid much off the loan (as would've mainly been paying off the interest right?), and then when we come to remortgage we'll end up remortgaging for pretty much the same amount as our original mortgage?!
And if this is the case, would we be best off doing the longest possible term (ie 35 years) to get our monthly payments down meaning even more room to overpay??
I'm thinking that if we only pay the basic repayment each month then come the end of the 2 year deal we won't have paid much off the loan (as would've mainly been paying off the interest right?), and then when we come to remortgage we'll end up remortgaging for pretty much the same amount as our original mortgage?!
And if this is the case, would we be best off doing the longest possible term (ie 35 years) to get our monthly payments down meaning even more room to overpay??