This week on Ask Rob & Rob, Nik asked:
Should I pay down my mortgage?
Interest-only mortgages allow you to save up some of the cash flow, and that’s great, because it gives you options. You could buy another property, or you could pay down your mortgage – the downside of a repayment mortgage is that you have to repay, so you’re locked in.
The other thing to consider is that you always need to ask what’s driving a decision – do you want to reduce your mortgage out of fear, or is it a sound financial decision? It may be that having the capital available is the best financial decision, but equally you may prefer the peace of mind that comes from a reduced mortgage. As always, what’s best is always down your individual circumstances.
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