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1.49% mortgage dilemma....additional loan
soupytwister
Posts: 20 Forumite
Having come off a 5yr fix rate last year, now lucky enough to be on a BB + 0.99% mortgage with A&L - so am on 1.49% which I'm keen not to lose right now for obvious reasons.
However, looking to extend and get additional borrowing. The existing mortgage is £100k, and the additional lending is £50k.
However, the additional lending is at their crap rate of 5.99%. So, what to do :
1. Stay as is
2. Ask to move both onto another product - which will prob be 4% fixed at best I imagine for a 2-3 yrs.
3. OR.....Do you think I could go interest only on the original £100k, and then overpay on the new £50k such that paying the high interest rate one off as quickly as I can
cheeky I know, and suspect they'd suss it
Anyone done anything like (3) above? Of course, at some point, imagine the 1.49% will become 3-4% within a year/few years....(or beyond!).
However, looking to extend and get additional borrowing. The existing mortgage is £100k, and the additional lending is £50k.
However, the additional lending is at their crap rate of 5.99%. So, what to do :
1. Stay as is
2. Ask to move both onto another product - which will prob be 4% fixed at best I imagine for a 2-3 yrs.
3. OR.....Do you think I could go interest only on the original £100k, and then overpay on the new £50k such that paying the high interest rate one off as quickly as I can
cheeky I know, and suspect they'd suss it Anyone done anything like (3) above? Of course, at some point, imagine the 1.49% will become 3-4% within a year/few years....(or beyond!).
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