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Should/can I remortgage
SweetMoFo
Posts: 10 Forumite
I am currently out of my house due to builders being in it so I don't have access to my mortgage details for another couple of weeks now and would love a bit of advice.
I am thinking of remortgaging but would like to know if it is worth me getting excited about all the potential savings or it is a waist of time. I will try to give as much info as possible but it may be a bit vague as I don't have it on paper right now.
I got a 5 year fixed deal at 5.99% with C&G 3 years and 1 month ago for £235,000 on a house worth £248,000. Zoopla now say it is worth £245,000 not counting the improvements we have made on it. I have been over paying £500 a month for the last 6 months and have made about £50,000 over payments in lump sums. I just got about £25,000 and was going to put £10,200 in 2 Cash ISAs (Mine and my partners £5100 in each) and pay the other £15,000 off the mortgage. My current monthly payments are £1500 and £2000 with the over payment and my income is about £4000 a month plus bonuses that I will use to over pay the mortgage(I am not a banker I have am a partner in a small/medium business). Me and my partner also have about £15,000 in cash ISAs and I have money in an investment ISA and am paying in to pension fund. I am 32 years old.
The main questions have are
1)will I be charged for getting out of the fixed rate deal and if so how much
2)Should I use the whole £25,000 for the mortgage or put some in the ISAs
3)Should I close our existing ISAs and put that £15,000 in to the mortgage or keep that as an emergency pot
Sorry if I have gone on a bit but I thought it would be better to tell you too much than not enough.
I am thinking of remortgaging but would like to know if it is worth me getting excited about all the potential savings or it is a waist of time. I will try to give as much info as possible but it may be a bit vague as I don't have it on paper right now.
I got a 5 year fixed deal at 5.99% with C&G 3 years and 1 month ago for £235,000 on a house worth £248,000. Zoopla now say it is worth £245,000 not counting the improvements we have made on it. I have been over paying £500 a month for the last 6 months and have made about £50,000 over payments in lump sums. I just got about £25,000 and was going to put £10,200 in 2 Cash ISAs (Mine and my partners £5100 in each) and pay the other £15,000 off the mortgage. My current monthly payments are £1500 and £2000 with the over payment and my income is about £4000 a month plus bonuses that I will use to over pay the mortgage(I am not a banker I have am a partner in a small/medium business). Me and my partner also have about £15,000 in cash ISAs and I have money in an investment ISA and am paying in to pension fund. I am 32 years old.
The main questions have are
1)will I be charged for getting out of the fixed rate deal and if so how much
2)Should I use the whole £25,000 for the mortgage or put some in the ISAs
3)Should I close our existing ISAs and put that £15,000 in to the mortgage or keep that as an emergency pot
Sorry if I have gone on a bit but I thought it would be better to tell you too much than not enough.
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