Rishi Sunak‘s advice that homeowners should extend mortgages by five to 10 years to save on monthly repayments could pile tens of thousands of pounds onto their debt, experts have warned ⬇️ The prime minister's LBC appearance, fact checked
could cut their mortgage payments by hundreds of pounds a month when their two-year fixed rate deal ends.mortgage payments“As someone who works seven days a week and has paid into the tax system since I left school without claiming a penny back from it, why do I feel like I’m being unfairly punished?” he asked Mr Sunak.to consider switching to a different type of deal to slash their costs, but industry experts have questioned the Prime Minister’s suggestions.
The Prime Minister said that doing so would “save you hundreds of pounds per month on your mortgage payments”. Overall repayments over the course of a 35-year mortgage would be £676,851, compared to £552,638 over 25 years –Monthly repayments on a 35-year deal for a £400,000 mortgage borrowed at 5.5 per cent are £2,148, compared to £2,456 on a 25-year mortgage.
But overall repayments over the course of a 35-year mortgage would be £1,127,628 compared to £921,066 over 25 years –Calculated using Money Saving Expert’s mortgage calculator
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