The bank is losing money on the tracker. I am surprised that they extended it last year. If they get you to pay down capital they are losing less money.
I can afford to make capital repayments but I'm getting the money so cheap it makes sense to save it or use it to fund a car/QUOTE]
Get your priorities right......why don't you just go ahead and buy two big expensive cars. That sounds a lot more important than paying off a mortgage!
Get your priorities right......why don't you just go ahead and buy two big expensive cars. That sounds a lot more important than paying off a mortgage!
Your car loan is short term. The mortgage is long term. Do the sums and you'll find that the car loan may well work out cheaper in the long run.woah there steve! making a few assumptions there!
I have 7 year old car that I'll need to change next year (growing family). Does it not make more sense to fund it using a 1.6% loan than borrow from the same bank @ 14%?
looks like I am getting my priorities right?
have you any advice to offer on the original question or just some smart ass comments?
woah there steve! making a few assumptions there!
have you any advice to offer on the original question or just some smart ass comments?
Your car loan is short term. The mortgage is long term. Do the sums and you'll find that the car loan may well work out cheaper in the long run.
Also, that tracker is worth gold. I wouldn't do anything to endanger it if I were you.
Hi Infinity, any word back from the bank?
When is the term of your interest only mortgage up and how do you propose to pay back the capital. Presumable with such a low mortgage, but depending on the property, your rent would cover both capital and interest?
But you never answered how you're going to repay it.
But you never answered how you're going to repay it. My advice is always to pay the capital and interest..
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