Not complete - you only pay a break fee on the portion you want to repay. This is always less than the interest you would save.If you have a fixed mortgage you will have to pay a fee to get out of it in order to repay a lump sum.
Which lender? By default, unless you request otherwise, it's the repayment amount that reduces. Changing term requires a change in your contract, so you have to ask for it.The repayment amount each month won't reduce, just the term will get shorter.
I stand corrected. I'm sure the person I spoke to said our repayment wouldn't change. Maybe they said 'wouldn't change significantly' or somesuch.Which lender? By default, unless you request otherwise, it's the repayment amount that reduces. Changing term requires a change in your contract, so you have to ask for it.
In my opinion, in normal times, with you both being high earners 6 months is far more than adequate. Even if one of you lost a job, you'd still be comfortable.We have savings of 110 and advice on rainy day funds seems to say around 6 months income is loads
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