Hello,
I was recently given a gift, and figure the mortgage I will need will be a lot smaller. Does it make sense to take out a smaller mortgage if you can? Or should you just pay it off quickly if you have a lump sum like that to spend?
If your mortgage is approved in principle can you reduce the amount you wish to borrow, or do you need to start the application process again?
Thanks
I was recently given a gift, and figure the mortgage I will need will be a lot smaller. Does it make sense to take out a smaller mortgage if you can? Or should you just pay it off quickly if you have a lump sum like that to spend?
If your mortgage is approved in principle can you reduce the amount you wish to borrow, or do you need to start the application process again?
Thanks