£10500 still owing got 22yrs left and paying £630 a month on a repayment mortgage.Question is. If I have an interest only mortgage (lets say a 2 year fixed rate ) and pay £300 a month on that and put £330 into a savings account after 2 years ill have £7920 saved up if I pay that off the £105000 that leaves £97080 so do the same again for 2 years the interest will be a bit less but id make the difference upto £630 so the savings would be a bit more. Would this work or would it take longer than the 22years on my current repayment mortgage
Read more: Interest only mortgage.advice, are my working outs about right?
