Hi all,
I am a first time buyer currently looking at getting a mortgage. I have checked out moneysupermarket and found one of the best overall deals for my circumstances is a first direct mortgage.
I'm keen to get rid of my mortgage as soon as possible and could afford to take out 15 year mortgage rather than the standard 25 years deal although this obviously cost more per month. My dilemma however is that it seems this particular mortgage product has unlimited overpayments without charge, does this mean that I could in fact get a standard 25 year mortgage and pay the same amount I would have for 15 year deal but have the flexibility to choose to pay my minimum payment? Are the any downsides to this?
Thanks for your help!
KS :)
I am a first time buyer currently looking at getting a mortgage. I have checked out moneysupermarket and found one of the best overall deals for my circumstances is a first direct mortgage.
I'm keen to get rid of my mortgage as soon as possible and could afford to take out 15 year mortgage rather than the standard 25 years deal although this obviously cost more per month. My dilemma however is that it seems this particular mortgage product has unlimited overpayments without charge, does this mean that I could in fact get a standard 25 year mortgage and pay the same amount I would have for 15 year deal but have the flexibility to choose to pay my minimum payment? Are the any downsides to this?
Thanks for your help!
KS :)