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Fixed Rate term up...which option to choose!
DJ82
Posts: 32 Forumite
Hi all,
I'm stuck between a couple of options on which mortgage to take...
We currently pay £570 on a 5.44% mortgage and we'd like to overpay so we still pay £570. Just can't work out which is the best option.
Mortgage - £98,500
3Yr Fixed - 4.49% (£515 month overpaying £54 per month)
4Yr Fixed - 4.99% (£544 month overpaying £25 per month)
7 Yr Fixed - 5.29% (£556 month overpaying £13 per month)
Obviously we get plenty more paid using the 3yr as i'll be overpaying more....but is it safer to go for that extra year as we all know interest rates will rise eventually!
What to do what to do!
(These are all mortgages which have been offered and are FREE to move to)
I'm stuck between a couple of options on which mortgage to take...
We currently pay £570 on a 5.44% mortgage and we'd like to overpay so we still pay £570. Just can't work out which is the best option.
Mortgage - £98,500
3Yr Fixed - 4.49% (£515 month overpaying £54 per month)
4Yr Fixed - 4.99% (£544 month overpaying £25 per month)
7 Yr Fixed - 5.29% (£556 month overpaying £13 per month)
Obviously we get plenty more paid using the 3yr as i'll be overpaying more....but is it safer to go for that extra year as we all know interest rates will rise eventually!
What to do what to do!
(These are all mortgages which have been offered and are FREE to move to)
LBM - 15/02/2009 - Debt - £1047.75 / £7876 (13.3%) - DFD -Dec 2012 July 2012
Target 1 - £1047.75 / £4000 (26.2%) Target Date - Xmas 2009
Emergency Fund - £0 / £100 (Just used for Car Tax!)
My Blog - http://deb-tfree.blogspot.com/
Target 1 - £1047.75 / £4000 (26.2%) Target Date - Xmas 2009
Emergency Fund - £0 / £100 (Just used for Car Tax!)
My Blog - http://deb-tfree.blogspot.com/
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