I need a number cruncher as I can't manage it!!

corinne14470

Hi can anyone help please.

I have a 95k mortgage on a 6% 'deal. 23 yrs left.

£475 now only paying interest only.

Trapped in till Nov 2013 with presently 4k approx to get out.

Been offered a mortgage with most expenses paid for 3 yrs.

£535 pcm about 2.5%, repayment same term BUT my dilemma is what happens if I was to pay the difference each month of £60 to my present provider and keep it interest free instead of paying £4k to them for 'nothing' and leave when it is fee free.

Anybody know what difference it would make as I have no idea where to start and not sure if those details will help!

I hope you can guide me as things are that tight :-)

Thrugelmir

How would you pay or fund the £4k Early Repayment Charge ?

Is the new mortgage on a variable interest rate ?

corinne14470

Thank you. The 4k is incorporated in new morgtage and its a fixed rate for I think it was 2-3 yrs.