5yr fix or 10yr fix

[cossy400]

Welshbeef said:

cossy400 said:

MJB1.

He's just generally not very good with money, because in reality he's only paying £123 a month as the £246 is the total , we pay half each.

He's all for the easy life, up until a few yr's ago he always auto renewed his car insurance, never shopped round for anything.

Tried talking to him and explaining the way me and MRS400 do things just seems to fall on deaf ears.

Can you buy him out?
Change it so he is your lodger entirely yet you own the asset.

We could buy him out, but we ve just paid our own mortgage off and are spending money on sorting a few other things out and having a good holiday.

Maybe have to start twisting his arm in the future and get it paid of as Yes its only £123 a month but its £123 I could wasting on cars.

[p1doc]

Gazzas86 said:

No its not a typo, 39 years!!, Basically we have a £315k mortgage on a £450k house, Me and the wife are both 30yo, and this will be our 'forever' home. we do intend to overpay and that will come off the capital and naturally reduce the term anyway.

fair play-if intending to pay off but to me that is a millstone round your neck for 39yrs

[Welshbeef]

p1doc said:

fair play-if intending to pay off but to me that is a millstone round your neck for 39yrs

I guess to that chap using the overpayments tool have you tried putting in £5pcm /£10pcm etc to see the reduction in years it will have. I'd wager even small amounts like that will have a drastic impact on the duration. Heck downgrading some of your grocery shopping and putting that weekly saving in as a perm direct debit overpayment to the mortgage could yield huge benefits.

[TSCfree]

We're thinking of fixing for the next 5 years too with the same Nationwide deal. Currently on the Nationwide BMR 2.5% having over-payed for the last 7 years leaves us in the nice position of being mortgage free within the next 8 years, or 5 years should we decide to pay the remaining 3 years with savings.

The question is which 5 year fixed mortgage deal taken now would provide the best let to buy flexibility in 4/5 years time, as this could be a likely option given changes in employment/location?