Advice anyone please

lyndareid

I have a mortgage of £66000 outstanding on a variable rate of 7.0% and pay £775.61 per month to Halifax Bank of Scotland. There is 9yrs 9months remaining and I want to be mortgage free in 5yrs. I have no early redemtion penalties with this mortgage and my credit score is good. HBoS have only suggested products that allow me to pay back 10% per year. Does anyone have any advice as I am confused re arrangement fees, penalties v higher rate of interest. Thanks

zekepes

I don't really, sorry.

We have an egg mortgage with no overpayment barriers.

I presume from your post you are looking to re-arrange your mortgage?

Have you tried asking on the mortgages board - just might get more people with a wider knowledge of mortgage products than here.

Good luck!

getmore4less

I would look for a better rate and a tie no longer than 5 years, If you can't make enough overpayments then just save the money and pay it off at the end.

To compare products Just look at them all as 5 year plans adding in any up front charges.

To pay it off in 5y at 7% your payment will be £1307 so if you can't afford that then the cuurent 5 year goal is unrealistic.

an example

Barclays no fee tracker is 5.89% so £1273pm
£1k fee is 5.69% so £1286pm cheaper to get the no fee.
http://www.woolwich.co.uk/mortgages/tracker-mortgages.html