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mortgage woes, would you have a svr or fixed bearing in mind i hae the cash
stolt
Posts: 2,865 Forumite
ok, here goes ive been thinking about how to explain this most of the afternoon;)
we have had a offer accepted on a house for 418,600k the mortgage would be 144k on this.
I also have 155k in dubai with my brother in law who lives out there and deals in investments on buildings etc and my plan was to invest this money out there and earn some money on that 155k. However as with everywhere at the moment that old credit crunch is having an effect on builds out there and there is no investment opportunities at the moment.
My initial idea was to take a 5 yr fix rate mortgage at 4.29% interest only in the hope that some decent investments come up. Although not guaranteed i'm sure they will happen if its two years away.
the other options were offset account, but my worry was that once the money is taken out of the account the offsetts have a higher interest rate than fixed.
or just take out a SVR (as low as possible) and if there are no invstments just overpay.
My next problem is that we want to put an extension on the house so i will need to borrow to do that (appx 50k) , so even if i pay my mortgage off i'm going to need money for that so its best to have the lowest rate for that.
With my bills and mortgage coming in and if i was on the fixed rate above i would have 1000k a month left over so i could afford a increase in rates if on svr.
what would you do, ive tried to do some many comparisons i think ive addled my brain!:rotfl:
we have had a offer accepted on a house for 418,600k the mortgage would be 144k on this.
I also have 155k in dubai with my brother in law who lives out there and deals in investments on buildings etc and my plan was to invest this money out there and earn some money on that 155k. However as with everywhere at the moment that old credit crunch is having an effect on builds out there and there is no investment opportunities at the moment.
My initial idea was to take a 5 yr fix rate mortgage at 4.29% interest only in the hope that some decent investments come up. Although not guaranteed i'm sure they will happen if its two years away.
the other options were offset account, but my worry was that once the money is taken out of the account the offsetts have a higher interest rate than fixed.
or just take out a SVR (as low as possible) and if there are no invstments just overpay.
My next problem is that we want to put an extension on the house so i will need to borrow to do that (appx 50k) , so even if i pay my mortgage off i'm going to need money for that so its best to have the lowest rate for that.
With my bills and mortgage coming in and if i was on the fixed rate above i would have 1000k a month left over so i could afford a increase in rates if on svr.
what would you do, ive tried to do some many comparisons i think ive addled my brain!:rotfl:
Listen to what people say, but watch what people what people do!!
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