Low mortgage

Snow-man

I have a mortgage of 24,000 remaining over 4 years 9 months. I have heard it is not worth swapping even though I am now on variable and paying 400 plus a month (seems high on figure remaning)

Any advice or do I stick with current lender.

Thanks

kingstreet

More than likely, remaining with your current lender makes most sense, as any fees for transferring away will outweigh any savings from a lower rate.

Ask your existing lender if it has any fee-free customer retention products you could choose to reduce your rate that way. Be careful of early repayment penalties though. You may find your overpayment options limited by following this route.

TrickyDicky101

24000 divided by 57 months remaining = £421 per month if no interest is applied.

No matter who you go with, you will be paying a minimum of £421 pm.

getmore4less

Snow-man wrote: »

I have a mortgage of 24,000 remaining over 4 years 9 months. I have heard it is not worth swapping even though I am now on variable and paying 400 plus a month (seems high on figure remaning)

Any advice or do I stick with current lender.

Thanks

4 years 9 month is 57months,

without interest you would be paying (£24000/57) £421pm

So when you say £400+ what is it actualy?


at £450 it would be 2.79%
at £499 it would be 7.26%