Hi All, after a bit of advice.
Bought house about 8 years ago for £133,000. Price hasn't change much since. Mortgage is interest only with NRAM(formally Northern Rock).
I really want to start actually repaying the house and have reached a point where I have a bit more monthly disposable income plus £8000 saved up.
Spoke to NRAM who gave me a couple of options:
- Overpay the current amount with the extra coming off the balance.
- Switch to repayment where the monthly rate goes up but interest will pretty much stay the same.
Now I can't see much difference between the two options. I'm thinking of looking elsewhere but doubt I have enough saved to move mortgage to another lender.
Any advice would be great.
Bought house about 8 years ago for £133,000. Price hasn't change much since. Mortgage is interest only with NRAM(formally Northern Rock).
I really want to start actually repaying the house and have reached a point where I have a bit more monthly disposable income plus £8000 saved up.
Spoke to NRAM who gave me a couple of options:
- Overpay the current amount with the extra coming off the balance.
- Switch to repayment where the monthly rate goes up but interest will pretty much stay the same.
Now I can't see much difference between the two options. I'm thinking of looking elsewhere but doubt I have enough saved to move mortgage to another lender.
Any advice would be great.