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Repaying repayment mortgage early
Lfc1969
Posts: 13 Forumite
Hi,
We recently took out a £200k repayment mortgage with Lloyds over a 10 year term. The first five years are fixed rate at 3.19% and the last five years will return to variable rate and no early repayment charges.
Our plan is to repay the outstanding balance after the first five years has completed but I am struggling to calculate how much the balance will be. I was expecting the balance to be circa £100k but realise this might be incorrect. Is there anyway to roughly calculate the balance due without contacting the lender?
In addition we may also try and pay £10k overpayment per year but not sure about this just yet. Hoping this would reduce the balance after five years to £50-60k?
Many thanks
We recently took out a £200k repayment mortgage with Lloyds over a 10 year term. The first five years are fixed rate at 3.19% and the last five years will return to variable rate and no early repayment charges.
Our plan is to repay the outstanding balance after the first five years has completed but I am struggling to calculate how much the balance will be. I was expecting the balance to be circa £100k but realise this might be incorrect. Is there anyway to roughly calculate the balance due without contacting the lender?
In addition we may also try and pay £10k overpayment per year but not sure about this just yet. Hoping this would reduce the balance after five years to £50-60k?
Many thanks
0
Comments
-
I've just found Martins overpayment calculator!
£108k balance after 5 years roughly if no over payments.
£52k balance if I pay an extra £10k per year overpayment.0
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