Ditch the fix to cover shortfall? What should we do?

getmore4less

fitzmum wrote: »

Okay, thanks for your help again - I can see that there is little or no saving to be made.

Just out of interest, can anyone tell me the following please?

So...we'd need to borrow 98k

53k interest only
45k repayment

over 8 years, at 4.49%

Most of the mortgage calculators I can find do not allow you to calculate part interest / part repayment options

Just do it as two loans and add the numbers together

I use http://www.whatsthecost.com/mortgage.aspx

another way is to set to interest only and adjust the payment till you are left with £53k after 8 years around £757


Have you looked at cashing in the endowment and going repayment on the lot?

fitzmum

It may be worth doing this - i just got cash in figures from the 2 providers of the endowments and they come to 29k when cashed in.

I'll have a look at the option of doing this and switching all to repayment

getmore4less

fitzmum wrote: »

It may be worth doing this - i just got cash in figures from the 2 providers of the endowments and they come to 29k when cashed in.

I'll have a look at the option of doing this and switching all to repayment

£53k with a £610pm payment takes 9years 6 months.
Add in the £170 after 6years when the 10k is paid off 8years 9months.

Before erc are added If you can do some payments without an ERC then the calcs get a bit more complicated.

Remortgage including the £10k and £6k fees - £29k
£69k @ 4.49 £780pm 9years 1 month.