best way to Pay

PAUL_C · 22 September 2016 at 5:56PM

As of end of Jan this year I owed Halifax
account 1 £36120.09 at 3.19% 5 year 2 months left
account 2 £24573.98 at 5.89%5 year 6 months left

account 2 can be changed to 2.34% next month which will save a few quid.

But I want to pay it sooner 4 year or less I will also be in position to afford £150 to £200 a month extra on payments. So whats way to go take the offer on account 2 ? or would a possible remortgage be possible at much better rates?

I have no other debt could I pay a lump off with a interest free credit card and use the extra I have to pay that ? Any help be gratefully received I really wanna get this financial pain in the back side gone

Thanks Paul

[Deleted User] · 22 September 2016 at 6:08PM

1. Lowering the rate on account 2 will reduce the interest you pay.
2. We don't know what rate you could remortgage to elsewhere. That depends on your circumstances.
3. Does the Halifax accept card payments? If not, you would need a money transfer option. You'll need to do the maths on the fee v the APR.

PAUL_C · 22 September 2016 at 6:18PM

Just looked no credit card Payments

enthusiasticsaver · 23 September 2016 at 9:16AM

You need to work out debt to value and see what remortgage deals are out there. Some have fees so you need to take those into account.

2.34% and 3.19% aren't bad rates though. Is that 2.34 deal automatic and is there a charge?

Can you make overpayments without incurring penalty?

Lots of questions but you need to be aware of all this. If you feel you can comfortably overpay speak to Halifax and get them to work out how much your term reduces by paying an extra £150 on the higher interest part of your mortgage.

PAUL_C · 24 September 2016 at 12:23AM

enthusiasticsaver wrote: »

You need to work out debt to value and see what remortgage deals are out there. Some have fees so you need to take those into account.

2.34% and 3.19% aren't bad rates though. Is that 2.34 deal automatic and is there a charge?

Can you make overpayments without incurring penalty?

Lots of questions but you need to be aware of all this. If you feel you can comfortably overpay speak to Halifax and get them to work out how much your term reduces by paying an extra £150 on the higher interest part of your mortgage.

The 2.34 deal is auto as the other deal is ending

I would Imagine my property could be be any value between 280k and 320k going on recent sales in area.

I am thinking take the 2.34 Deal and over pay as much as possible and if obtain a chunk of cash obtained by interest free credit somehow. And I can sell some stuff to raise 5 or 6k if i really feel the need

I am fairly comfy staying with Halifax for ease to be honest as I value my free time very highly and dont want to be chasing around brokers and being interviewed etc.

best way to Pay

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