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  • FIRST POST
    • PAUL C
    • By PAUL C 22nd Sep 16, 5:56 PM
    • 25Posts
    • 5Thanks
    PAUL C
    best way to Pay
    • #1
    • 22nd Sep 16, 5:56 PM
    best way to Pay 22nd Sep 16 at 5:56 PM
    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
Page 1
    • zx81
    • By zx81 22nd Sep 16, 6:08 PM
    • 8,657 Posts
    • 8,499 Thanks
    zx81
    • #2
    • 22nd Sep 16, 6:08 PM
    • #2
    • 22nd Sep 16, 6:08 PM
    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
    • By PAUL C 22nd Sep 16, 6:18 PM
    • 25 Posts
    • 5 Thanks
    PAUL C
    • #3
    • 22nd Sep 16, 6:18 PM
    • #3
    • 22nd Sep 16, 6:18 PM
    Just looked no credit card Payments
    • enthusiasticsaver
    • By enthusiasticsaver 23rd Sep 16, 9:16 AM
    • 2,142 Posts
    • 3,773 Thanks
    enthusiasticsaver
    • #4
    • 23rd Sep 16, 9:16 AM
    • #4
    • 23rd Sep 16, 9:16 AM
    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.
    Save 12k in 2016 #46 13600/12,000
    Debt and mortgage free and saving for early retirement
    • PAUL C
    • By PAUL C 24th Sep 16, 12:23 AM
    • 25 Posts
    • 5 Thanks
    PAUL C
    • #5
    • 24th Sep 16, 12:23 AM
    • #5
    • 24th Sep 16, 12:23 AM
    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.
    Originally posted by enthusiasticsaver
    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.
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