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i have paid my mortgage off, i am thinking of buying a bigger property for approx 50k more than the current value. I think an IO mortgage is a giveaway am i missing something ?
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Old Ace
LOL. Not sure someone that "CHOOSES" IO is a mug but take your point! I agree that IO is great for a lot of people.Somer people need to take a little more responsibility! It is amusing that IO borrowers /lenders are blamed for teh credit crisis. The bottom line is that anyone that chose interest only over Repayment would have paid very little off of a mortgage if they had done 25 years plus. In teh grand scheme of things it makes little difference in teh early years , as teh majority of a mortgage payment is interest! |
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Sorry Old Ace. Should read , not everyone that "Chooses Repayment is a mug!!"
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Oh, and some lenders SVR are 2.5% or lower. Not sue that those people are mugs either!
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mr chisel
some svr,s are currently lower than a fixed term however svr,s are not fixed which is the point and they can double overnight [ see skipton bs actions recently], personally i would tie in to boe base rates and or fixed term rates and pay a small premium and not be subject to the whims of the lender |