We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Overpay mortgage or all onto debts?
NikkeiJones
Posts: 66 Forumite
Hi Everyone,
In December our fixed rate mortgage will be coming to an end and we will fall onto the variable rate currently 4.79 meaning our payments will go down by £100 per month. From what I understand we currently wouldn't be able to remortgage as our LTV is too high. So I'm wondering what would be the best, whether to overpay onto the mortgage so we can try to get our LTV down as much as possible as quickly as possible as that will enable us to remortgage sooner rather than later. In the meantime we would still try and pay around £1000 onto our debts which will take around 19 months. Would this make much of a difference or should we just use the extra money to pay onto debts? Any help would be much appreciated. Many thanks Nikkei x
In December our fixed rate mortgage will be coming to an end and we will fall onto the variable rate currently 4.79 meaning our payments will go down by £100 per month. From what I understand we currently wouldn't be able to remortgage as our LTV is too high. So I'm wondering what would be the best, whether to overpay onto the mortgage so we can try to get our LTV down as much as possible as quickly as possible as that will enable us to remortgage sooner rather than later. In the meantime we would still try and pay around £1000 onto our debts which will take around 19 months. Would this make much of a difference or should we just use the extra money to pay onto debts? Any help would be much appreciated. Many thanks Nikkei x
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards