Remortgage advice please... help with the maths!

DocHants

My current fixed term deal has just ended.. so am shopping around for a new 5 year fixed, not interested in any shorter "deals" or trackers etc..

My dilemma is:

Currently owe £116000 on a house valued at £145000 so 80% LTV

HSBC 4.69% + £599
YBS 4.79% + £995 fees
ING 4.99 no fees

Now, at a real stretch, bearing in mind offers are usually valid for 6 months, we could reduce our LTV to 75% by borrowing £108000

YBS 3.99 + £995 fees
ING 4.59 no fees

I cant quite figure out how much it would actually save us if we were to push for the 75% loan.. as it would be hard work over the next 6 moths knocking 8k off what we want to borrow... so would be good to know how much this would actually be saving us...

Looking at the 2 options, the best 80% is with HSBC, and 75% with YBS.. can anyone help with the maths to show me how much I could actually save with the 75%, bearing in mind, I will actually have to scrape together the 8k first, so it may be better actually going for the 80%?

If the offer is valid until Dec, my current mortgage would be down to about £113k (as we pverpay), so I may only have to find about 5k.

Thanks

Gorgeous_George

The maths are not easy so I cheated a bit and compared both mortgages at the same borrowing (but added the different fees).

I make it that there are two savings with the 75% deal. Assuming a 20 year mortgage I calculate the repayments are £38 per month lower and at the end of 5 years you owe £850 less with the 75% product.

Well worth the sacrifice?

Of course, other factors may be important such as ERC and follow-on rates.

GG