We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Re-mortaging
Options

ambercelery
Posts: 51 Forumite
I've had a base rate tracker mortgage for almost 3 years now and will be looking to re-mortgage at the end of January.
My mortgage was fairly small (78,000) when i took it out and I have made some frequent overpayments of around 50-100 per month. I think that when i get my annual statement, after 3 years it will be down at the 70,000 or 71,000 mark.
Can anyone offer advice on what is the best option for me?
I would prefer to pay my mortgage of asap so am not interested in low monthly payments. I would prefer to pay say £500-£600 a month to pay it off quickly than to get a low rate of £200-£300 a month over a longer term.
Also, my dad has some money that he has in his bank account that he would be happy for me to borrow for a few years i.e. 20k or so. Would i be best to get an all-in-one account, using this 20k for say 2 years to reduce the amount of the money owed. Then over than 2 years, continue to make overpayments into the account whenever possible to reduce the owed capital.
Then when i need to hand back the 20k to my dad, my mortgage will obviously increase again but i will have had some benefits or borrowing the money.
Also, the house that my mortgage is on, Is now worth in excess of 200k - approx. £210,000-£230,000?
Any help would be greatly appreciated.
My mortgage was fairly small (78,000) when i took it out and I have made some frequent overpayments of around 50-100 per month. I think that when i get my annual statement, after 3 years it will be down at the 70,000 or 71,000 mark.
Can anyone offer advice on what is the best option for me?
I would prefer to pay my mortgage of asap so am not interested in low monthly payments. I would prefer to pay say £500-£600 a month to pay it off quickly than to get a low rate of £200-£300 a month over a longer term.
Also, my dad has some money that he has in his bank account that he would be happy for me to borrow for a few years i.e. 20k or so. Would i be best to get an all-in-one account, using this 20k for say 2 years to reduce the amount of the money owed. Then over than 2 years, continue to make overpayments into the account whenever possible to reduce the owed capital.
Then when i need to hand back the 20k to my dad, my mortgage will obviously increase again but i will have had some benefits or borrowing the money.
Also, the house that my mortgage is on, Is now worth in excess of 200k - approx. £210,000-£230,000?
Any help would be greatly appreciated.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards