We'd like to remind Forumites to please avoid political debate on the Forum... Read More » 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.

We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.

📨 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!

Overpaying to fix or not fix that is the question

Options

SAMMYE_2 Posts: 244 Forumite

8 August 2011 at 11:51AM in Mortgage-free wannabe

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?

[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

This discussion has been closed.

★ ★ ★ Meet your Ambassadors

Overpaying to fix or not fix that is the question

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free