We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Trying to work out the best mortgage deal for us. Help needed.
Rob=S=
Posts: 6 Forumite
We are currently looking to get a new mortgage.
We are porting our current rate over to a new property costing £180,000 and are trying our best to work out which deal is best for us.
There are a few rates we are looking at a 10 year fix & a 5 year fix both are 70% LTV
We are porting £59,000 at 1.45 (0.95 above BoE) and need to borrow a further £67,000.
£67,000 10 Year fix 3.89% with £1499 fee costing approx £370 a month
£67,000 5 Year fix 2.99% with £499 fee costing approx £336 a month
Then we add the 1.49% rate at approx £235 per month
What we cant work out is if we took the 5 year fix and over paid £100 per month on the 2.99 rate would we have a 60% LTV after the 5 years so we can get the best deal around? Assuming our property is still worth £180,00.
Or
Would we be better off overpaying the 10 year fix by £50 for the term.
I hope I have explained our situation with enough detail and would be very grateful for any advise people could give us. Or point me in the right direction so I can try and work it out for myself.
Regards Rob
We are porting our current rate over to a new property costing £180,000 and are trying our best to work out which deal is best for us.
There are a few rates we are looking at a 10 year fix & a 5 year fix both are 70% LTV
We are porting £59,000 at 1.45 (0.95 above BoE) and need to borrow a further £67,000.
£67,000 10 Year fix 3.89% with £1499 fee costing approx £370 a month
£67,000 5 Year fix 2.99% with £499 fee costing approx £336 a month
Then we add the 1.49% rate at approx £235 per month
What we cant work out is if we took the 5 year fix and over paid £100 per month on the 2.99 rate would we have a 60% LTV after the 5 years so we can get the best deal around? Assuming our property is still worth £180,00.
Or
Would we be better off overpaying the 10 year fix by £50 for the term.
I hope I have explained our situation with enough detail and would be very grateful for any advise people could give us. Or point me in the right direction so I can try and work it out for myself.
Regards Rob
0
Comments
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.4K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.3K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards