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Is it worth moving from interest only to repayment?
debs3693
Posts: 24 Forumite
Is there anyway of calculating if i would be better off moving from an interest only mortgage to repayment? It's a house i rent out and is on a fixed rate until July next year.
Payment is £634 a month on interest only and would be £929.67 on repayment. Interest rate is 5.58% and balance o/s is £135,152.
I'm sure there must be a calculation i do but i'm a sleep deprived new mum and can't think it through - can anyone help point me in the right direction?
There is also a £100 admin charge to put it on to repayment!!!
Payment is £634 a month on interest only and would be £929.67 on repayment. Interest rate is 5.58% and balance o/s is £135,152.
I'm sure there must be a calculation i do but i'm a sleep deprived new mum and can't think it through - can anyone help point me in the right direction?
There is also a £100 admin charge to put it on to repayment!!!
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