Due to doubling up on childcare costs now 1800pcm I am considering the Interest only option for 2 years on my mortgage
I am 2 years into 28year mortgage-
Is the IO formula based on outstanding principal owed X rate X 12
I understand I will have to change my life cover
Thus far I seem to able to shave off 400pcm and when I start repaying principal I will be paying approx an extra 50 euro per month on my current outlay
Any gotchas
I am 2 years into 28year mortgage-
Is the IO formula based on outstanding principal owed X rate X 12
I understand I will have to change my life cover
Thus far I seem to able to shave off 400pcm and when I start repaying principal I will be paying approx an extra 50 euro per month on my current outlay
Any gotchas