Hi all, just looking for some causal advise.
Purchased our 1st home in 2021, hoping to buy a different home at the end of 2024 and move on.
Myself and my O/H are keen to pay off our mortgage as soon as possible to free ourselves up for travel and potentially starting our own business to reduce risk. We are dependent free and this won't be changing. Public sector (relatively) risk free roles that are stable.
We are making decent money, and with our calculations, it would be possible for us to make significant monthly overpayments off the loan (2.5 - 3 times of the monthly payment).
When researching mortgage rates, it seems it would make more sense for us to opt for a variable rate mortgage to allow for monthly overpayments without incurring large penalities/charges and to consequently reduce interest payments.
Just wondering could anyone who is more financially literate possibly spell out any additional risks / points we haven't considered in going for a variable rate mortgage from the off?
The only thing I can consider is if the rates are going absolutely mental, we could always fix either way?
Any advise appreciated!
Purchased our 1st home in 2021, hoping to buy a different home at the end of 2024 and move on.
Myself and my O/H are keen to pay off our mortgage as soon as possible to free ourselves up for travel and potentially starting our own business to reduce risk. We are dependent free and this won't be changing. Public sector (relatively) risk free roles that are stable.
We are making decent money, and with our calculations, it would be possible for us to make significant monthly overpayments off the loan (2.5 - 3 times of the monthly payment).
When researching mortgage rates, it seems it would make more sense for us to opt for a variable rate mortgage to allow for monthly overpayments without incurring large penalities/charges and to consequently reduce interest payments.
Just wondering could anyone who is more financially literate possibly spell out any additional risks / points we haven't considered in going for a variable rate mortgage from the off?
The only thing I can consider is if the rates are going absolutely mental, we could always fix either way?
Any advise appreciated!