mortgages: the numbers?

ksmith08

morning all
i'm in a lucky position to be but i need some numbers help please....
we've accepted an offer on our property which when all told should yield us about £95k profit. we have £15k savings and an outstanding mortgage balance of £57k with a 3% e.r.charge.
right thats the simple stuff out of the way, next.
we have been offered a new mortgage sum with our current lender of a maximum of £200k to look for properties around £300k but the terms are unfavourable @ 5.59% and tied in til 2014, £799 fee and £350 valuation BUT we wouldn't have to pay the ERC.
Could i do better elsewhere? or would the figures mean that i'd be cutting off my nose to spite my face!!!
happy weekend all

bob2

If you're only seeking to borrow £200k for a £300k property you will be at 67% LTV so could do significantly better than 5.49% for a 5 year fix.

There are 5 year fixes around 4.4% for < 75% LTV.

On a £200K repayment mortgage over 25 years this would result in repayments around £130 less pm than 5.49%. i.e. £7800 saved over 5 years.

Your ERC would be 3% * £57k = £1710 right?

So it could be worth switching.

dimbo61

3% stamp duty over £250k !
Hsbc doing 3.39% fee £999 fix for 5 years 20% overpayment allowed.

snarffie

dimbo61 wrote: »

3% stamp duty over £250k !
Hsbc doing 3.39% fee £999 fix for 5 years 20% overpayment allowed.

That's 4.39% isn't it!?