Would I be right in assuming that the bank want you to refinance from your favourable tracker mortgage to a less favourable variable type? If that's the case, I would tell them where to go and do your best on the unsecured debt.
Would I be right in assuming that the bank want you to refinance from your favourable tracker mortgage to a less favourable variable type? If that's the case, I would tell them where to go and do your best on the unsecured debt.
Interesting. If that's the case, I would go for the top-up option. To me, an interest-only mortgage simply doesn't make sense on a Principal Private Residence.No - they said I could stay on tracker rate - but that was a few weeks ago now.
To me, an interest-only mortgage simply doesn't make sense on a Principal Private Residence.
You can only go interest-only for so long (in your case, two years). When that period expires, you will have to revert back over to principal repayments anyway. With the way property prices are, it's possible your house may not increase in value at all in the intervening two years.Even as a temporary way of getting back 'in the black'
You can only go interest-only for so long (in your case, two years). When that period expires, you will have to revert back over to principal repayments anyway. With the way property prices are, it's possible your house may not increase in value at all in the intervening two years.
Whatever you do, make sure you don't agree to anything that loses you your tracker mortgage.
With another .5% cut most likely on the way this week, the best thing would be to take out the top-up but pay it off more quickly:
If you stay with your CC Company,you'll end up paying about 2K more than if you take out a top-up - no reason why you can't pay the top-up off over two years - as long as you don't get a fixed rate on the top-up.
Do you have a letter of offer on the tracker rate offered by the bank a few weeks ago?
Trackers are very valuable, stay on it at all costs.
Can you rent a room or two out?
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