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Interest Only Morgages
Simonsays_2
Posts: 40 Forumite
Hi, I currently have a Woolwich lifetime tracker Interest only mortgage which tracks the BBR +.29%. Therefore the current rate payed is 0.79%. I would like to overpay is this possible or what other options do you suggest?
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Comments
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Save money in savings accounts that pay more than 1%. When rates rise then transfer the money to the mortgage.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Don't overpay, put the money in a savings account that earns more interest. Overpay when the interest rates swap.0
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I would suggest going onto a fixed rate 2 year deal with a £1000 fee @ 4.99%.
Only joking, there are many cash ISA's around that are offering around 3% for 12 months. You can always transfer to another deal after this period.
Nice rate by the way you jammy git.
Also though have you got a repayment vehicle in place for your IO mortgage?0
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