dunstonh- Can you explain why I should calculate over the term of the deal rather than the lifetime of the mortgage?
gener8or wrote: »
Do you think this will work with Halifax, currently locked in at 6.09%
piglet_libby wrote: »
I saw this topic mentioned in the weekly e-mail some time ago, and it's played on my mind ever since.
Well, this evening, I called my mortgage provider, Abbey, to discuss what options were open to me.
I remortgaged to Abbey last September on a 3 year fix at 5.99%, with a 3% early repayment charge.
They've just let me remortgage again to a 2 year fix at 3.99%
I have had to pay the ERC, but, if I stayed with them, they offered to reduce the ERC by 20%.
Over the remaining life of the mortgage (another 21 years), I save money- roughly £4k- even with the ERC. Plus, I've cut my monthly mortgage payment by £140 a month. Well, actually, I'm keeping it roughly the same, reducing the term to just over 19 years, and saving even more.
Remortgaging may not work out best for everyone, but it's looking pretty good for me!
When you pay at supermarket fuel pumps
DON'T assume your landlord covers you
Incl £2ish sun cream & £1.50 disposable BBQs