| Comment | Yes you can increase the term to lower payments, just means you pay back more in the long run. This is what I do to keep payments low for budgeting purposes.
What you can also do is change it to a buy to let mortgage and only pay the interest. This makes your contractual payments much lower but your balance doesnt go down.
Then when you have a tenant in the property you can over pay each month to chip away at the balance (usually capped about 10% of the balance per year) |
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