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What mortgage did you go for? Advice please

(8 Posts)
thistoosha11pass Fri 26-May-17 08:04:01

In the process of divorce, had a mortgage in principle offer. I can have an 18 year term and less money in my pocket (489 pm) or longer term with more spending money (368 pm). I have 3 young kids (all under ten).Also thinking of a ten year fixed, for security which is slightly more expensive.

Anyone else going through this? Been through this? Advice welcome x

Wellyboots86 Tue 13-Jun-17 15:49:50

I have an appointed to sort mine on Friday. I'm looking at pushing the term out by 5 years to reduce outgoings. There will always be some unexpected bill and if you find you are building up a lot of surplus you can always overpay (up to 10% per year)

pinkpixie83 Tue 13-Jun-17 16:00:48

I'm a single parent and I've just fixed mine for 10 years, I like the security of knowing what I'm paying. My rate is still a good rate and I like the security while my kids are little.

rightsofwomen Wed 14-Jun-17 11:08:45

I got 22.5 years, that's when I retire apparently

Mine's fixed for a bit, but I like the idea of a longer-term fixed term. I might look into that. Thanks

ThePants999 Wed 14-Jun-17 18:50:43

Go for the longest term you can get. You can always overpay if you have money to spare.

thistoosha11pass Wed 14-Jun-17 21:13:17

Thanks all, decided on a 10 year fixed and overpay if I can. Onwards and upwards

Lonecatwithkitten Thu 15-Jun-17 07:48:43

I pushed out the term, but stuck with my previous SVR as it was from 2006 and interest rates will have to rise a very,very long way to be higher than that.

IronNeonClasp Sat 17-Jun-17 11:02:10

I've just remortgaged and taken on the (tiny) family home. I went with the bank. Needed the valuation to come in at 76,000, giving Ex 5k inc in mortgage. So taking 59,000 and the 5k (64,000) for 20 years fixed for 2. My house is actually in neg equity so I've taken on a loss but it made sense not to lose it for my 2 DC and he couldn't afford to take it on.
Good luck flowers

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