S
sadmak
Guest
I have received my mortgage statement and got the annual shock of seeing that last years mtg repayments on my annuity mortgage are hardly touching the principal and are mainly paying of interest.
I have been told that after 5 years then the repayments start making real inroads on the Principal. But that the first 5 years is mainly interest.
How is this higher interest calculated?
If I switch mortgage lender to avail of a lower rate then will i start a new 5 year period of paying mostly interest?
I have been told that after 5 years then the repayments start making real inroads on the Principal. But that the first 5 years is mainly interest.
How is this higher interest calculated?
If I switch mortgage lender to avail of a lower rate then will i start a new 5 year period of paying mostly interest?