hi to all. I have 16 years left on my mortgage,i needed £7,000 so got a deal with another lender to give me a better mortgage deal,but my new mortgage will be for 27 years instead,(and it was only £120 a month better off (not worth it,but i need the 7k)
i was told after a year or 2 i could reduce my 27(which will be 25 then) years to 16 years without any issues,or any other checks is this true?
Should i do it? Ive heard that as ive only got 16 years with my current lender,its better to stay,as at 16 years the motgage rate/payment go down quicker.
This was a high street mortgage shop who gave advice.
i was told after a year or 2 i could reduce my 27(which will be 25 then) years to 16 years without any issues,or any other checks is this true?
Should i do it? Ive heard that as ive only got 16 years with my current lender,its better to stay,as at 16 years the motgage rate/payment go down quicker.
This was a high street mortgage shop who gave advice.