Anyone with a calculator

Muscle750

My fixed rate of 5.09 is coming to a end with Santander i can possibly secure a 3.55 rate for 2 years. My mortgage balance is a total of £132000 with £40k of that on interest only. Can someone possibly tell me what the repayments would be .

1. if i put the whole 132k on 3.55 term 17 years

2. If i keep it with the £40k on interest fee at 3.55 for 2 years again 17 years.

Presently we are paying £857 a month..............and its getting harder

TrickyDicky101

Hi

Option 1 repayment over 17 years £863 per month

Option 2 £92k repayment over 17 years, £40k interest-only: £720 per month (split £601 repayment, £119 interest only)

anselld

http://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator

Muscle750

Thanks for that seems then for only another few quid i can start reducing the £40k. Now any chance anyone working out if i paid the £863 for two years what my balance would be at the end ?

Muscle750

Sorry i just saw the calculator thread seems it will be about £120k

anselld

120,272 like the calculator shows ;-)

TrickyDicky101

17 years is a short-ish term so you will be making reasonable capital repayments each month with option 1. Always a good feeling to eat away at your mortgage :-)