Can any mortgage experts help me please?

mad__money_2

Sponge wrote: »

Is the 2 year fix this deal?

yes that's the one x

mad__money_2

Cannon_Fodder wrote: »

Being on IO, what repayment vehicle do you have?

I'd go for the 5-year fix, so there was a saving that could give you leeway to go back to Repayment, if you have no repayment vehicle.

Thanks, see my reply above, it's only temporary, we only changed to IO a few months ago x

DJ_Mike

If it's only temporary then I'd definitely consider fixing for 2 years - there's every chance you'll find a good deal in 2 years time and if you fix low now, and find yourself able to overpay much more again soon, think how much more you'll be able to overpay by if you aren't lumbered with such a high interest rate - between £100-150 more per month - that's a lot of interest you'll save in the long term!

mad__money_2

I think that sounds ideal, also we'll not be paying out for the loan and credit cards so may be able to stretch to more, or can save that.

Thanks so much!!!

DJ_Mike

That's also true - I can only assume you're having to pay out a lot per month to sort out those other debts - and they're bound to be more than 3.74%! If you clear those off, then you should immediately add the money you save from not making those other monthly payments, onto your mortgage payment - muchos costa savos! OK, perhaps you shouldn't trust my Spanish...

mad__money_2

Oh yes, a lot more and the CC has an extortionate rate!!