Move providers or stay

dj_flame

Hello everyone

I've never really got involved with mortgages etc as I leave it to the other half (The Boss!) However after reading a bit on this forum I belive its possible for me to save money. Here's my current situation.

Mortgage £46049 Fixed until 31/3/2013 @5.49%
ERC is £2057.94
I also owe £244.51 on an outstanding extra loan I took out to do the house up.

Would I be best paying the ERC in order to get a better deal, Or stay in the current deal?
As we've just had a baby I'll need to be moving soon so might need to factor that in as well.

Many Thanks
DJ Flame:D

Senior_Paper_Monitor

Nowhere near enough information (LTV, income etc) to give a proper answer.

BUT, my guess would be in view of a possible imprending move that taking an ERC and going into another 'deal period' would be daft.

dj_flame

Really sorry should have given more info.

Ok house next door to me sold for 70k so (I hope I'm right)
LTV will be around 66%?

Total income is £27000.

The wife only works 2 days per week( Mother in law looks after kids) as the cost of child care would make working the additional 3 days pointless (she'd get about £80.00 per month)

Mortgage repayments are £350 per month
apart from car loan £2500 I have no other outstanding debts.

Thanks for the reply, Appreciated:beer:

mclaren32

Your rate isn't fantastic but your mortgage is relatively small so getting a deal that's going to make the EEC worth paying is unlikely. You may find that when your deal comes up for renewal you won't have rates available that are as low as now but it would take a serious increase to really impact your monthly repayment assuming your on a repayment mortgage.

dimbo61

You dont give the rate of the car loan or the extra loan you took out to do work on the house!
Now you also say you are hoping to move soon to a bigger property so the best thing you can do now is clear as much debt as possible.
If you only owe £244.51 on the loan then clear that first then try and overpay the car loan if allowed.
Next check if you can overpay the fixed rate mortgage and OP that, if you have any spare money you could alos build up savings to pay for costs when you move!
good luck