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Extend mortgage term?

  • 03-12-2010 10:35pm
    #1
    toby2111
    Registered Users, Registered Users 2 Posts: 2,280 ✭✭✭


    Will be losing TRS on mortgage next year which is worth about €90 per month.Interest rates will probably go up a few times next year also which will put me(and lots others) in a bit of a tight squeeze financially.So,am wondering if its a good idea to ask EBS to extend mortgage by 5 years or so.I know I will pay more interest over the life of the mortgage but I would be hoping to sell the house within next 10 years.


Comments

  • #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,690 Mod ✭✭✭✭Stheno


    The short term saving would result in punitive interest repayments over the longer term.

    Are there any areas you could cut back to save yourself the money?

    I know I've been able to find several areas to cut back and saved myself at least 150 euro per month doing so?


  • #3
    toby2111
    Registered Users, Registered Users 2 Posts: 2,280 ✭✭✭toby2111


    Pretty stretched at the moment and with budget,losing TRS and possible interest hikes next year,I'll be under more even pressure.Just thought the fact that I hope to sell the house in next few years and pay off mortgage, might mean that extending term might be a decent option for me.


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