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Mortgage Help
Minx1986
Posts: 88 Forumite
Hi,
I am just about to finnish a 3 year fixed deal at 5.99% and go back to the banks SVR at 5.69% (I believe therefore a saving.. if someone could confirm?)
I was thinking about remortgaing for another 2 years (assuming my circumstances dont change) however, I only have a mortgage of £31870. Current monthly payment £188.00
Sticking with the same provider I would have to pay a £200 redempetion fee on the current product. A £400 product arrangement fee on the new product, and then £200 to then leave that deal in 2 years (when I'm likely to be looking at buying a new house/mortgage with my long term partner). £800 in fees over the next 2 years to me seem daft, because by my calcuations, interest rates would have to rise by about 12% before I would be better of incurring those charges. Does this make sense, or am I talking s***!
Can someone confirm my understanding/maths! Surley I am better of paying that £800 of my current mortgage!
I am just about to finnish a 3 year fixed deal at 5.99% and go back to the banks SVR at 5.69% (I believe therefore a saving.. if someone could confirm?)
I was thinking about remortgaing for another 2 years (assuming my circumstances dont change) however, I only have a mortgage of £31870. Current monthly payment £188.00
Sticking with the same provider I would have to pay a £200 redempetion fee on the current product. A £400 product arrangement fee on the new product, and then £200 to then leave that deal in 2 years (when I'm likely to be looking at buying a new house/mortgage with my long term partner). £800 in fees over the next 2 years to me seem daft, because by my calcuations, interest rates would have to rise by about 12% before I would be better of incurring those charges. Does this make sense, or am I talking s***!
Can someone confirm my understanding/maths! Surley I am better of paying that £800 of my current mortgage!
26/05/2018 = I DID IT! I am DEBT FREE!
Debts repaid since 06/02/2015 = £23,079
Mortgage...forever!!!! - But who cares, when all I've ever wanted is my own place!:j
Debts repaid since 06/02/2015 = £23,079
Mortgage...forever!!!! - But who cares, when all I've ever wanted is my own place!:j
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