Mortgage help

Noble_Savage

Hi chewybacca

No problem. I amended my reply once I read your post properly! If you haven't called them, it still might be worth doing so as they might have something as an alternative to SVR or fixed rates if that suits you.

dimbo61

In your postion with a 100% LTV you are stuck with Coventry on the SVR of 4.75% now that fix is not a bad deal so think carefully and overpay every penny you can afford while on the SVR ( check what overpayments allowed while on a fixed deal).
With a £100K mortgage your payment would be about £660 a month and after 5 years you would have paid off £14K

chewybacca

Thanks to all.

I will try to over pay Dimbo, but with the monthly amount going up anyway it may prove tricky.

Can you usually overpay as much as you want whilst on an SVR?

Out of interest (apologies) if I overpaid say £100 per month, what sort of difference are we talking in the grand scheme of the mortgage?

Thanks Dimbo!:T

C

dimbo61

You need to check with your lender but when on the svr most lenders allow you to overpay whatever you want.
Overpaying by £100 a month will make a HUGE difference in the length of your mortgage and the amount of interest you will pay sorry I dont have a link to any of the calculators on this board which show effects of overpayments.
Can others help!!!

dimbo61

Have a look at the post from "thefunkygibbions " re overpayment calculator might help at the top of MF board!