We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
unsure of new mortgage
spottydog1
Posts: 2 Newbie
Hi all,
im looking for some help. 3 years ago i bought my first house and was advised to have an interest only stepper mortgage. at present being on the third year we pay £867.00 interest rate being 5.9%. the bank has sent me a letter today because mortgage is due for renewal. it says that mortgage will automatically switch to rate of 2.5% which gives a new monthly total of £334.10.
my problem is should i now be getting a mortgage repayment one rather than interest only. also how would this effect the payments.
many thanks for any advice x
im looking for some help. 3 years ago i bought my first house and was advised to have an interest only stepper mortgage. at present being on the third year we pay £867.00 interest rate being 5.9%. the bank has sent me a letter today because mortgage is due for renewal. it says that mortgage will automatically switch to rate of 2.5% which gives a new monthly total of £334.10.
my problem is should i now be getting a mortgage repayment one rather than interest only. also how would this effect the payments.
many thanks for any advice x
0
Comments
-
stay on 2.5% and pay £867.00 .....this will bring capital outstanding down considerably..............0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.8K Banking & Borrowing
- 254.9K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.3K Work, Benefits & Business
- 605.9K Mortgages, Homes & Bills
- 179K Life & Family
- 263.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards