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Pay off one mortgage with another?
accountingbod
Posts: 292 Forumite
Hi all
Just wondering if anyone knows of a good online calculator for comparing the saving if you paid off part of one mortgage with another mortgages additional borrowing?
Basic info is mortgage on flat at 115,000 at 3.69% for another 14 months.
Our house has increased in value and i'm thinking when we remortgage in June to apply for an additional 10% to pay down on the flat. Our LTV would be around 60%. The rate we could get would be around 1.85% to 2.05% on a 2 year fixed
I'm an acountant i know but its already been a long week and i cant be arsed to play around with excel
Thanks
Just wondering if anyone knows of a good online calculator for comparing the saving if you paid off part of one mortgage with another mortgages additional borrowing?
Basic info is mortgage on flat at 115,000 at 3.69% for another 14 months.
Our house has increased in value and i'm thinking when we remortgage in June to apply for an additional 10% to pay down on the flat. Our LTV would be around 60%. The rate we could get would be around 1.85% to 2.05% on a 2 year fixed
I'm an acountant i know but its already been a long week and i cant be arsed to play around with excel
Thanks
0
Comments
-
Isn't the difference
(3.69-2.05)%/(12*14)*115,000?
Something like £2200 of a difference roughly?0
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