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Mortgage Dilemma
MissCongeniality
Posts: 8 Forumite
Hello
My current mortgage ends at the end of this month(May) then it will revert to a 4% rate.(£60,000 owed)
I am hoping to retire in October and pay off half.
What are my options?
Should I get a new deal(and will they charge me?)
All advice gratefully received-aim to pay off the remainder asap
Thanks!
My current mortgage ends at the end of this month(May) then it will revert to a 4% rate.(£60,000 owed)
I am hoping to retire in October and pay off half.
What are my options?
Should I get a new deal(and will they charge me?)
All advice gratefully received-aim to pay off the remainder asap
Thanks!
0
Comments
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Remain on the lender's "follow-on" rate, ask your lender for a customer retention product, or remortgage to a new lender.MissCongeniality wrote: »Hello
My current mortgage ends at the end of this month(May) then it will revert to a 4% rate.(£60,000 owed)
I am hoping to retire in October and pay off half.
What are my options?
If you intend to make a large lump-sum repayment, the first option should be exercised until you have done so, to avoid any early repayment penalties.
That would depend on the struuture of the products offered. However, at the size of mortgage you will have, a fee-free product will be much more sensible than a lower rate with fees.Should I get a new deal(and will they charge me?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you-the website is clear as to what is offered and your advice mirrors my own thinking!!
Phew! x0
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