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Some advice, please?
DaveA411
Posts: 3 Newbie
Hello everyone, my first post after many years of reading. Some advice, please?
I have a 10 year fixed deal at 5% which ends in February 2016. To get out of the deal now would cost me about £1,000 in redemption penalties. Is it worth paying these penalties to re-mortgage at 3%?
The mortgage ends in 2031 and I currently have £43,000 to repay. I’m paying £307 per month, plus an overpayment of £53 per month which, if I continue, means I will repay about three years early.
I want to re-mortgage at a lower rate and also reduce the mortgage term which means I would be paying off more of the actual loan instead of mostly interest, but I don’t think it would be worth the cost of the redemption penalties.
Am I right? Am I better off letting my current fixed deal run its course?
Thanks.
I have a 10 year fixed deal at 5% which ends in February 2016. To get out of the deal now would cost me about £1,000 in redemption penalties. Is it worth paying these penalties to re-mortgage at 3%?
The mortgage ends in 2031 and I currently have £43,000 to repay. I’m paying £307 per month, plus an overpayment of £53 per month which, if I continue, means I will repay about three years early.
I want to re-mortgage at a lower rate and also reduce the mortgage term which means I would be paying off more of the actual loan instead of mostly interest, but I don’t think it would be worth the cost of the redemption penalties.
Am I right? Am I better off letting my current fixed deal run its course?
Thanks.
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