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14 January 2010

I am looking at a mortgage to buy. We are older so need tominimise our risks. We can get a 15 yr mortgage on interest only with the right to pay of

principal over each year. (Leaves risk allowance for those months if we cannot pay more than interest only). I am advised theat if we paid off the additional 10% every year this would pay off the mortgage faster than using a repayment mortgage (i.e. paying interest and capital off together). Does anyone have experience or knowledge of this option please?

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