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It's going to be interesting in the next few years as lots of people realise that they haven't actually paid anything off their interest only mortgages, when they were making their mortgage "repayments."
Just remember if you take out a long term loan to fund a 5K extension, you'll be paying back a lot more than 5K over the term of the loan. The supposed "added value" can only be realised when you sell. Still, in general it's better to extend than move (if you're happy with the area).
Why don't you just save up for a few months to get the 5K? If you're currently contracting, it shouldn't take long...
It's going to be interesting in the next few years as lots of people realise that they haven't actually paid anything off their interest only mortgages, when they were making their mortgage "repayments."
Yeah you're better renting than going interest only IMO.
What the heck does a contractor need a 5K loan for anyway, when they can earn that in three weeks?
(assuming they're not on the bench )
No Im on decent money but I have a big mortgage and and enjoy a decent standard of life, Im 25 and do not have that kind of money at my disposal at the moment!
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