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Is it worth remortgaging?
huttster
Posts: 2 Newbie
Hi There,my partner and I are currently 5 years into a 10 year fixed rate mortgage of 5.640%,house worth approx. £170,000 with £95,000 left owing,early repayment fee applies of £5,484,remaining term of 16 years,my question is should we ditch this deal or not,currently paying £741 per month,my partner has found some deals that keep current payment but shortens term but I would rather lower monthly payment,are there deals that can do both?
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Comments
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To see if there's any saving in remortgaging all costs need to be taken into account. Comparison of interest rates alone is not enough.
Early Repayment Charge
Existing mortgage closure fee
Legal Costs
Valuation Fees
New product fees
Some products have free legals and valuation fees.0 -
Can you overpay the existing mortgage?
If you have savings then this maybe a better option than getting a poor return on your savings !0 -
Savings! what is this strange word you use?0
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Hi There,my partner and I are currently 5 years into a 10 year fixed rate mortgage of 5.640%,house worth approx. £170,000 with £95,000 left owing,early repayment fee applies of £5,484,remaining term of 16 years,my question is should we ditch this deal or not,currently paying £741 per month,my partner has found some deals that keep current payment but shortens term but I would rather lower monthly payment,are there deals that can do both?
Keep the term thee same then just overpay to shorten it. That way you the flexibility to pay more when you can or if you are short of money for a month or two just to pay the minimum.0 -
To find out if it is worth paying the ERC and remortgage costs you need to find out what rate you can get with another lender!
Now you have a very good LTV so you are looking at the best deals on the market SAY 2.99% Fixed for 5 years.
Use "whatsthecost" to work out if you can save money after all costs0
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