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Overpaying to fix or not fix that is the question
SAMMYE_2
Posts: 244 Forumite
Hi everyone,
I posted this in Mortgages and Endowments but I suppose it is also relevant in this section.
If you dont know my story I took out a 5 year fixed mortgage 3 years ago on a high interest rate. 6.99%. (only option at the time) anyway I've been overpaying very hard since last December and its just struck me that the next deal I get involved with it may not be worth me fixing as I am generally looking to overpay by approx £10k a year...
Any thoughts?
I posted this in Mortgages and Endowments but I suppose it is also relevant in this section.
If you dont know my story I took out a 5 year fixed mortgage 3 years ago on a high interest rate. 6.99%. (only option at the time) anyway I've been overpaying very hard since last December and its just struck me that the next deal I get involved with it may not be worth me fixing as I am generally looking to overpay by approx £10k a year...
Any thoughts?
[STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/11
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/11
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