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Mortgage Query

Bugnug · 2010-06-02 19:16:37

Might seem like an odd question, but, is it better to increase your mortgage repayments or reduce the time scale of the loan?

02-06-2010 7:16pm

#1

Bugnug

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Might seem like an odd question, but, is it better to increase your mortgage repayments or reduce the time scale of the loan?

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Comments

#2 02-06-2010 7:43pm

D3PO

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well by reducing the timescale by default you have to increase your monthly payments.

so essentially its the same thing

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#3 02-06-2010 7:43pm

subway

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technically, they are the same thing

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#4 02-06-2010 9:30pm

Jo King

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If you increase your payment you will reduce the interest payable and the loan will be paid off sooner. you may be able to do this without having to formally agree with your lender that you will clear the loan early. There is an advantage in not committing yourself to an earlier repayment date. The reason is flexibility. If you get into financial difficulty in the future you may find it easier to bring down the payments

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