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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Spec me a mortgage please
panzerfaust33
Posts: 5 Forumite
Hi All,
I'm after a bit of advice as we have decided to finally get the mortgage millstone from around our necks so we have decided to approach the experts. What in your opinions would be the best option for a new mortgage to accomplish this task. Our mortgage ends in the next few month so we need to get going.
Mortage type: Fixed / Repayment
House value: 300,000 - based on last sale of type in road a few months ago
Current mortgage: 120,000
Current available Savings: 20,000
LTE: 2x (ish)
Overpayment kitty: 2,100 - the most we can pay normal mortgage and overpay with.
Mortgage fees: Any mortgage fees will come from current account not overpayment kitty
Our options seem to be one of the following...
A) I/O 2-3 year fix @2.5%, pay 20,000, and then 1,800/mo
Repayment fix 2 year @2.5%, pay 20,000, then save/pay 1,700/mo
C) Repayment fix 5 year @3%, pay 20,000 before mortgage and then save/overpay 1,600/mo for 5 years and have a nice holiday with the excess.
D) Don't move and stay on 4% SVR and overpay 1,200/mo.
If anyone can give any pointers or advice it would be most appreciated.
Thanks!
I'm after a bit of advice as we have decided to finally get the mortgage millstone from around our necks so we have decided to approach the experts. What in your opinions would be the best option for a new mortgage to accomplish this task. Our mortgage ends in the next few month so we need to get going.
Mortage type: Fixed / Repayment
House value: 300,000 - based on last sale of type in road a few months ago
Current mortgage: 120,000
Current available Savings: 20,000
LTE: 2x (ish)
Overpayment kitty: 2,100 - the most we can pay normal mortgage and overpay with.
Mortgage fees: Any mortgage fees will come from current account not overpayment kitty
Our options seem to be one of the following...
A) I/O 2-3 year fix @2.5%, pay 20,000, and then 1,800/mo
Repayment fix 2 year @2.5%, pay 20,000, then save/pay 1,700/moC) Repayment fix 5 year @3%, pay 20,000 before mortgage and then save/overpay 1,600/mo for 5 years and have a nice holiday with the excess.
D) Don't move and stay on 4% SVR and overpay 1,200/mo.
If anyone can give any pointers or advice it would be most appreciated.
Thanks!
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards