Mortgage advice needed

_Andy_

frankw5 wrote: »

Have you thought about extending the term?

it's an IO mortgage so wouldn't make a difference.

jw2003

djn1984 wrote: »

We are paying £759 a month interest only. The rate is 6.1 fixed for 5 years.

We'd be saving £32 a month on our mortgage if our interest was as 'high' as yours

Sorry, not constructive but as pp said, 6.1% isn't that high really, ours is 6.7% with Natwest and we aren't bothered because it was a competitive rate for our needs at the time we took the mortgage (90% ltv first time buyers when the BR was 5.5%). A fixed rate mortgage is as much a gamble as a tracker and you are paying more than others however it would be a very different story if the interest rates had gone up further instead of right down. Borrowing 100% on a renovation project was never going to be a good idea anyway

jw2003

p.s how much :eek: an extra £20k isn't really going to leave with you with much ltv to play with anyway

djn1984 wrote: »

...We are paying £759 a month interest only. ...

beecher2

jw2003 wrote: »

p.s how much :eek: an extra £20k isn't really going to leave with you with much ltv to play with anyway

The mortgage must be £150,000. So if the property had miraculously now become worth £170,000 they'd just squeeze into a 90% LTV.