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Clydesdale Current Account Mortgage
marco_79
Posts: 237 Forumite
Hi Folks
Looking for some advice.
About 18 months ago our bank manager convinced us to move to current account mortgage but I'm not sure it is the best option for us. We currently have £71000 left to pay on a house worth £100K. We have 20 years left to pay. What we do is leave the money in it for the bills each month then take out whats left for shopping, social money. Allowing £510 for the mortgage payment. We also move £500 each month into savings schemes (which is going to stop soon as my wife is giving up working full time to become a mum).
We are not sure we like the idea of not knowing if we are paying enough or too much and are tempted to switch to a more convential mortgage for the last twenty years. I also think the APR we are paying on this is about 7.2% according to the press although the bank say they can't give an APR for this type of mortgage when i ask them. They just say we are paying enough
However we like the idea of being able to make overpayments as we have cash tied up in stockmarket schemes.
Is it worth while moving to fixed rate and paying all the fees involved so soon after moving our mortgage to this current account mortgage.
Any help appreciated.
Marco
Looking for some advice.
About 18 months ago our bank manager convinced us to move to current account mortgage but I'm not sure it is the best option for us. We currently have £71000 left to pay on a house worth £100K. We have 20 years left to pay. What we do is leave the money in it for the bills each month then take out whats left for shopping, social money. Allowing £510 for the mortgage payment. We also move £500 each month into savings schemes (which is going to stop soon as my wife is giving up working full time to become a mum).
We are not sure we like the idea of not knowing if we are paying enough or too much and are tempted to switch to a more convential mortgage for the last twenty years. I also think the APR we are paying on this is about 7.2% according to the press although the bank say they can't give an APR for this type of mortgage when i ask them. They just say we are paying enough
However we like the idea of being able to make overpayments as we have cash tied up in stockmarket schemes.
Is it worth while moving to fixed rate and paying all the fees involved so soon after moving our mortgage to this current account mortgage.
Any help appreciated.
Marco
Smile and be happy, things can usually get worse!
0
Comments
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Going on the rate you are quoting - you could definitely find a better rate.I am a Mortgage AdviserYou 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.0
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