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Remortgage or not?

xxSaffronxx · 2012-07-17 11:03:15

Im currently with C&G and on a variable rate paying £410 per month. My LTV is 43% I noticed last week that HSBC have a 60% LTV offer to fix it for 5 years at a repayment of around £420 per month. I thought maybe it was worth doing, so proceeded with the application. However upon speaking to them yesterday, the mortgage…

Comments

Thrugelmir Posts: 89,546 Forumite

17 July 2012 at 6:02PM

xxSaffronxx wrote: »

I might be wrong but I wouldnt have thought rates are going to shoot up quickly over the next couple of years

By overpaying you reduce the capital balance owed and therefore reduce the amount of interest you'll pay.

Better to reduce debt than worry what may or may not happen to interest rates. Focus on the things that you have control over.

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