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Should I move my mortgage. Paying 6.19% with Chelsea
Dan_Morgan
Posts: 12 Forumite
Hi
I have 17y10m remaining on my mortgage. The current outstanding amount is circa 56k. The mortgage is with The Chelsea and it's fixed at 6.19% until October 2012.
Early repayment charges are 3k.
Would I be better off moving to another provider? I have 4k in an ISA and could easily have a few thousand in my current account at any one time. I'm considering an offset mortgage such as http://www.firstdirect.com/mortgages/offset-overview.shtml
My current repayments are £440/month. I could pay more than this a month, I would like to try and get the mortgage paid off in the next 5 to 10 years.
Does anybody have any advice?
Many Thanks
Dan
I have 17y10m remaining on my mortgage. The current outstanding amount is circa 56k. The mortgage is with The Chelsea and it's fixed at 6.19% until October 2012.
Early repayment charges are 3k.
Would I be better off moving to another provider? I have 4k in an ISA and could easily have a few thousand in my current account at any one time. I'm considering an offset mortgage such as http://www.firstdirect.com/mortgages/offset-overview.shtml
My current repayments are £440/month. I could pay more than this a month, I would like to try and get the mortgage paid off in the next 5 to 10 years.
Does anybody have any advice?
Many Thanks
Dan
0
Comments
-
Are you allowed to overpay each month/ year your mortgage with Chelsea ?
Call them and ask
Its going to cost you over 6% of your mortgage to move lender plus remortgage costs on TOP so you would need one hell of a rate and it to stay low for a few years.
Check out the overpayment thing first0
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