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Mortgage Advice
StuTheDon
Posts: 318 Forumite
Hi Guys,
I would have posted this in the MFW board but as my question relates to the best deals out there I thought this board may be better.
Our objective is to pay our mortgage off as quickly as possible. Our house is worth around £300-£310k and our mortgage at the moment is £132k. Our deal (fixed 5.29%) is coming to an end and we are not sure the best way forward.
We overpay at the moment by £620 per month and can afford a monthly repayment of maximum £1,600 per month. We have £10k in cash savings and no debts other than the mortgage.
I am not sure if it best to go for a fixed deal, tracker or offset - we just need the best mechanism to get this paid off. Ideally we'd like to be clear of this for my 40th birthday, which is in 8 years. I'd be happy to go on SVR but I think interest rates will go up quite a bit once the economy recovers.
Any thought/advice gratefully received!
Stu
I would have posted this in the MFW board but as my question relates to the best deals out there I thought this board may be better.
Our objective is to pay our mortgage off as quickly as possible. Our house is worth around £300-£310k and our mortgage at the moment is £132k. Our deal (fixed 5.29%) is coming to an end and we are not sure the best way forward.
We overpay at the moment by £620 per month and can afford a monthly repayment of maximum £1,600 per month. We have £10k in cash savings and no debts other than the mortgage.
I am not sure if it best to go for a fixed deal, tracker or offset - we just need the best mechanism to get this paid off. Ideally we'd like to be clear of this for my 40th birthday, which is in 8 years. I'd be happy to go on SVR but I think interest rates will go up quite a bit once the economy recovers.
Any thought/advice gratefully received!
Stu
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