Have I got my calculations right Egg vs Woolwich?

TallGirl

Morning All
I hope you will help me as I want to change my mortgage but get confused with all the calculators etc.

I am currently with a Woolwich Offset Mortgage this is how it looks:
Mortgage £48,000
Monthly Payments £1000
Term left 5.2 years - according to my statements
Savings offset £7000

We are not looking to borrow and not worried about having an offset mortage. Aim is to pay off as quickly as possible so I was looking at the
Egg Flexible Mortgage and using the same figures as above on their calculator. This is what I got:

Paying £922,40 a month it would take 5 years but using the £7000 savings to offset and paying the £78 more amont (taking it up to £1000) it would cut it by 7 months and I think saving me £7000.

Questions is have I got it right? Is there any better deals out there? Is it true Egg does not charge a fee surely there is some sort of fee? Is it worth remortgaging with only 5 years to go.

groatie_queen

As well as checking Egg's fees, there may be fees involved in the Woolwich dealing with winding up your mortgage account, even if there isn't an actual exit penalty.

I'm not involved with the financial services or mortgage sector, but you would need to be absolutely sure you're not going to be hit with some expenses.

Good luck, you're in a good position whatever you decide to do.

GQ

wannasavemoney

I'm no expert at this but what are the apr's and would changing make it cheaper enough to go thro the hassle of swapping mortgages? I'm with the woolwich and their rates are pretty good, but would think hard and find out exactly what the charges for doing this are going to be. Sometimes you could end up paying an extra £1000 altogether if you have to pay an exit amount on your current mortgage and an entry amount on the new one. Use that money to pay a lump sum off the mortgage instead. I'm sure someone more knowledgable about mortgages will come along soon and answer your question better.