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Should I consolidate?
mongmoney
Posts: 174 Forumite
I've got £63,000 at 4.88%, and £18,000 at 2.5% with Nationwide.
Should I consolidate these loans and move to the 5 yr fix of 3.89% at First Direct?
I estimate fees to be around 2500 in total.
All advice appreciated.
Mongy
Should I consolidate these loans and move to the 5 yr fix of 3.89% at First Direct?
I estimate fees to be around 2500 in total.
All advice appreciated.
Mongy
Jan GC £28-49/£120 NSD's 15/17
Dec GC £90-90/£140 NSD's 17/18
Storms make oaks take deeper root
Dec GC £90-90/£140 NSD's 17/18
Storms make oaks take deeper root
0
Comments
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More information needed
What are the full terms of both loans followon rates fixed periods left penalties etc.0 -
4.88% is a ten year fix, ends sept 2016, with remaining term 12 yrs.
2.5% SVR with remaining term 7 yrs.
MongyJan GC £28-49/£120 NSD's 15/17
Dec GC £90-90/£140 NSD's 17/18
Storms make oaks take deeper root0 -
Can you overpay the 10 year fix?0
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I am overpaying £50 a month on the 10yr fix, am allowed to overpay up to £500 a month without penalty.
MongyJan GC £28-49/£120 NSD's 15/17
Dec GC £90-90/£140 NSD's 17/18
Storms make oaks take deeper root0 -
Then I would overpay the 10 year fix by as much as possible. Spending £2,500 to consolidate gives little benefit when it could be used to reduce the capital balance owing and correspondingly reduce the amount of interest you are paying.
While a five year fix looks attractive. You need to consider what rates will be longer term.0 -
Ok, I thought this might be the case> thanks for the input:jJan GC £28-49/£120 NSD's 15/17
Dec GC £90-90/£140 NSD's 17/18
Storms make oaks take deeper root0
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