I have a tracker mortgage with 193,000 outstanding on it. A friend mentioned that if one pays more than the amount committed to each month (approx. 1,500) off a mortgage e.g. an extra 1,000 that the mortgage will be reduced by more than this extra 1,000.
I hope to sell and downsize but probably won't get another mortgate at my age 58 so am trying to find a way that ensures I have the most money at the end to purchase a smaller place.
Would welcome advice.
I hope to sell and downsize but probably won't get another mortgate at my age 58 so am trying to find a way that ensures I have the most money at the end to purchase a smaller place.
Would welcome advice.