Our fixed mortgage is coming to an end from April. We have been with the same lender for the last five years and are happy to stick with it as it offers competitive rates we re happy with.
When we took out the mortgage for our three-bedroom home, it was a 30 year term meaning of course this will be 25 years when we remortgage.
However, I have been toying with the idea of reducing this to 20 years when we remortgage, simply to shave off that extra time and pay more off each month, which we re comfortable doing.
This couple are confused about whether to cut five years off their mortgage term, or overpay
| UPDATED: 14:09, Sun, Feb 14, 2021
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Rishi Sunak has been tasked with managing the Government’s economic response to the COVID-19 crisis over the 11 months. As part of his plan to help rescue the frozen property market, and assist those with financial struggles, he announced a mortgage holiday scheme alongside the Financial Conduct Authority (FCA) which was quickly taken up by millions. A mortgage holiday allowed Britons to temporarily pause their payments for a three month period, to help them get back on their feet financially.
Mr Coulson went on to highlight another option.
He commented: “The second situation is one to consider for those who have a lot of savings sitting in a cash savings bank account. With savings rates at rock bottom a better use of the cash could be to use it to pay off some of your mortgage.
Mortgage UK: Some may look to reduce their mortgage term (Image: GETTY / EXPRESS)
READ MORE This can be done using an offset mortgage which will utilise the cash in your bank by off-setting the savings against the balance owed on your mortgage, thus reducing the mortgage term.
Metro Bank, Nationwide and Barclays have all dropped the interest rates on their 10 per cent deposit mortgages, which are popular with first-time buyers - but rates are still higher than pre-pandemic
Smelt camps on the ice felt class set for Jan. 10
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BOWDOINHAM Isabel Stearns will conduct a class to create a wintery scene from along the Bowdoinham shore ice and smelt shacks. For ages 10 and older, this class can be a fun way to create a beautiful picture of a winter landscape.
Felted Landscape Bowdoinham Smelt Shacks will be held from 1 to 2:30 p.m. Sunday, Jan. 10, at the Merrymeeting Arts Center at 9 Main St.
As with all of the center’s classes, CDC guidelines will be followed and will be limited to four participants per class. The cost is $10 per person plus a $5 materials fee. Those not able to pay the class fee can email the studio at [email protected] and mention the Heron Fund. This is available to offset the cost of classes in keeping with the center’s belief of “Art for Everyone”.