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Dilemma regarding remortgagaing - several options

crowjane · 2010-05-05 13:05:39

Hello We currently have a fixed rate mortgage with 3 years left to run and a hefty (2%) ERF - the rate is 4.99% and we have a large mortgage so a lower rate could save us a £100+/ month. The options for remortagaing (with our current provider) are a tracker rate of 3.29% saving us £125/ month (allowing us to add the fees…

Comments

dimbo61 Posts: 13,727 Forumite

28 June 2010 at 10:04PM

Your interest rate is 5.59% so if you have £7000 to spare and other emergency savings ? then get the 10% paid off the mortgage asap
You wont be earning 5.59% from your savings so if you can clear 10% this year and as much as possible next year ( without paying any ERC) your mortgage ( and debt) will go down big style.
Clear all debt with the highest % first

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