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Mortgage-Time To Change??
michmar72
Posts: 38 Forumite
Hi
Never re mortgaged so any advice I can get I would be great full, I just want to get it paid ASAP.
We have an £113000 mortgage with the Nat West,its an offset , repayment £622 a month, I over pay when I can but currently we have no savings so the only thing offsetting is my monthly salary £1750 net and £500 that my Oh pay's in for his share.
25 year term , 24 years now.
Spoke to a broker about a Northern rock deal fixed 4.09% three years £693 over 20 years , you can overpay up to 10% a year without penaltly, they would charge £99 reservation fee and the broker would charge £495,which would be added to the mortgage.
We can afford these payments I just donlt know if its the best thing to do?
Thankyou x
Never re mortgaged so any advice I can get I would be great full, I just want to get it paid ASAP.
We have an £113000 mortgage with the Nat West,its an offset , repayment £622 a month, I over pay when I can but currently we have no savings so the only thing offsetting is my monthly salary £1750 net and £500 that my Oh pay's in for his share.
25 year term , 24 years now.
Spoke to a broker about a Northern rock deal fixed 4.09% three years £693 over 20 years , you can overpay up to 10% a year without penaltly, they would charge £99 reservation fee and the broker would charge £495,which would be added to the mortgage.
We can afford these payments I just donlt know if its the best thing to do?
Thankyou x
0
Comments
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£495 for a broker fee is very steep. My broker charges £199.
What is ur LTV?
Interest rates are going one way, up.. So the general consensus is to fix now at better rate than later at a higher rate...0
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