Rental property Mortgage 213000 22 years left on mortgage
Value 200000 (I am being very realistic)
Rate 3.8 (this will change when it turns from PPR to Investment rate) but bank says this change counld take a few years for them to process.
My question is should I change to a 10 year fixed rate now and increase the term of the loan to 33 years. This will make payments affordable and give me some peace of mind over the next 5 years
I am also in the process of buying a house as a PPR paying 210000.
Any thoughts?
Value 200000 (I am being very realistic)
Rate 3.8 (this will change when it turns from PPR to Investment rate) but bank says this change counld take a few years for them to process.
My question is should I change to a 10 year fixed rate now and increase the term of the loan to 33 years. This will make payments affordable and give me some peace of mind over the next 5 years
I am also in the process of buying a house as a PPR paying 210000.
Any thoughts?