working out 8 months difference on mortgages

loady

Hi,

I am in a bit of a quandry...my discounted rate is about to expire, i seem to have what look like better offers elswhere, the problem is where i have had advances on the mortgage in previous years i have ended up with 3 mortgage accounts although i only pay one monthly sum. the mortgages are detailed below.

The better offer i think i have is for a term of 14 years exactly, effectively shaving 8 months off the exisiting term, this enivitably effects the payments, the mortgage even with a £795 arrangement fee added is £9 more a month than my current mortgage but the term is 8 months less. How do i work out what the difference is between my present mortgage and the new offer from elsewhere so i can add it or subtract it from whichever one to get a real picture of which is the better offer, i can supply acurate details of figures if anyones willing to do it for me but i would like a better understanding of the formula. here are some details.....

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CURRANT MORTGAGE

01 £54,877.84...........14 years 5 months to go
02 £24,230.21...........14 years 4 months to go
03 £27,579.15...........13 years 11 months to go

for part one of your mortgage 24 payments at variable rate, currently 5.34% £455.50 per month.
followed by 149 payment @ variable rate, currently 7.39% £508.99

for part two of your mortgage 24 payments at variable rate, currently 5.34%
£201.89 per month.
followed by 148 payment @ variable rate, currently 7.39% £225.46 per month

for part three of your mortgage 24 payments at variable rate, currently 5.34%
£234.39 per month.
followed by 143 payment @ variable rate, currently 7.39% £260.91 per month

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NEW OFFER.....

borrowing a total of 107233.00 which includes the £795 arrangement fee over 14 years @0.060% below the bank of england base rate currently 5.250% for 24 months giving a current rate payable of 5.190% then reverting for the rest of the term to 1.990% above giving 7.240%

24 payments @ £899.34 per month followed by 149 payments of £1002.04

thanks.

PS. do you think the bank of england will give me a mortgage @ their currant rate 5.250%

loady

bump bump bump

Mr_helpful

If you hadnt bumped it up i would have thought it was a wind up. As soon as you remortgage again in a couple of years the whole equation goes out the window. Plus have you thought what inflation will do to your sums for those last 8 months payment?