Fixed or Tracker advice?

dimbo61

As your interest rate is 3.39% and you can get over 3% from cash ISA,s why not put £265 into an ISA every month for the next 6 months just to make sure you can afford the extra!
In 6 months you can either make a lump sum payment ( check if 10% allowed each year ) or carry on building savings in ISA,s as rates may rise but your mortgage rate wont for next 4 1/2 years

sonny_c

Paperwork for 5 year fix has been signed and returned today, and expecting Co-Op bank account welcome pack anytime. I can confirm 10% overpayments allowed each year.

Good advice with the ISA to ensure affordability

dimbo61

Not allowed to give " ADVICE" just my opinion and my 5 year fix finished 2 years ago but if you can afford to reduce term to 7years and 3 months and now take a 5 year fix you will have in 5 years a very small balance and if you could afford to throw the extra £45 a month over 5 years you might even be MORTGAGE FREE

sonny_c

Greatly appreciate your opinion. Next month's mortgage payment would have to be on the SVR as waiting for the bank to process the switching process so fingers crossed all goes ahead June.
I'm now looking at reducing term to 6 years and 6 month's - New Monthly Payment £822.71 with any extra saving/bonus put towards 10% overpayments and I will be Mortgage Free in my early 40,s

If only this was my ideal house/location