Owning your own home

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Crispin_Glover

Just in the process of re-bitchass-mortgaging, managed to knock a QUARTER of the price off our monthly payments, that is going to be massive when it kicks in

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Soul in reply to @Crispin_Glover

Have you considered reducing the term (years) rather than reducing the monthly costs? Over the life of the mortgage, you could save serious £££.

We're just waiting for our final paperwork but we're reducing the term by 5 years, and the rate by 50%.

5 year fixed (20 year term) @ 2.19%. We save ~£40k over the life of the mortgage (assuming we don't change again in 5 years)

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Crispin_Glover in reply to @Soul

Briefly, but we need to take a relatively short term view with maternity leave to cover and debts to pay. We will reduce the term of the mortgage down the line, and there's possible inheritance in the long term.

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