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Any advice please
lyndareid
Posts: 19 Forumite
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
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Comments
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There are still deals out there that have no limits on overpayments ( no early repayment charges) which could work out better for you than the 7% you are on currently.
You would indeed need to look at the fees involved, but also look at the fact you could overpay as much as you wantI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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