Newbie needing advice please.

Phelpsie001

I am on the same mortgage deal as you ... my advice is to pay the mortgage off!!

wheatchief

Just an update, we paid off the £1500 and it saved loads of interest but what i didn't realize was the monthly payment what drop slightly. its knocked £10 of the monthly payment that also means i will be over paying by £10 so all is good. when the fixed rate finishes in July the interest rate will drop from 6.49% down to 4.49% so should drop by £100ish if the rate stays as it is.

I plan on keeping my mortgage payment at £700 so im well on my way to my target. :j

lincoln-potter

wheatchief wrote: »

Just an update, we paid off the £1500 and it saved loads of interest but what i didn't realize was the monthly payment what drop slightly. its knocked £10 of the monthly payment that also means i will be over paying by £10 so all is good. when the fixed rate finishes in July the interest rate will drop from 6.49% down to 4.49% so should drop by £100ish if the rate stays as it is.

I plan on keeping my mortgage payment at £700 so im well on my way to my target. :j

hello again wheat.

Well done on that OP!

I wouldn't bet on the rate staying where it is, the BOE is under a fair amunt of pressure to increase soon.

Keep us updated!