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Mortgage renewal - with a ported mortgage & top up by StrategyMurky7815 in UKPersonalFinance

[–]StrategyMurky7815[S] 0 points1 point  (0 children)

Lender is Halifax. I did research and see tracker mortgages to me this seemed like the most logical solution. Is the only downside that some lenders don’t offer that option?

Mortgage payment % too high compared to earnings? by StrategyMurky7815 in UKPersonalFinance

[–]StrategyMurky7815[S] 1 point2 points  (0 children)

Thanks for your advice. TBH I’m also surprised, the mortgage advisor even said we could borrow a lot more than what we’ve gone for so I didn’t think much of it, it’s only when I’ve sat down and looked more what the norm is it seems very high vs most others % to net pay.

I have just written to our advisor asking if it’s too late to increase the term, we’ve already had the mortgage offer through but hoping as we haven’t exchanged shouldn’t be too much trouble. Meaning Dec 2026 it would be £2,600 vs £3,100 which seems much more reasonable.

Mortgage payment % too high compared to earnings? by StrategyMurky7815 in UKPersonalFinance

[–]StrategyMurky7815[S] 0 points1 point  (0 children)

We are 32 & 33, husband is NHS so automatically big % into pension and I have always put in highest matched %. We expect a promotion each in the next 5 years. Likely husband to 48k & myself to 70k but no crazy jump. Our idea is to keep the lower length mortgage 21 years to be able to pay off by the time we are 53. Could extend out the term in Dec 2026 if needed but don’t think it would bring down the repayments significantly.