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-moneymatters--
Posts: 2 Newbie
Hello all,
I have a mortgage made up of 2 parts. (I ported the 1st part and added the 2nd part to fund a new house)
The first is for £54000 @ 1% above the base rate for the life of the mortgage. (currently 1.5%)
The second is for £22000 @ 5.9% fixed until August 2018.
I know nothing about mortgages and ain't to good at maths, the first mortgage was obvious to see as a great interest rate, hence why I kept it.
Both of the mortgages are with Lloyds and have to stay with Lloyds. So, when I come to look for a better interest rate for the second part of the mortgage I can only have a Lloyds mortgage.
Is it best to carry on keeping this mortgage or could I get a better deal by switching?
The first part is cheap but the second part kind of overpowers the first part meaning the average i'm paying is higher than some deals that i've seen on the comparison sites.
The other option would be to overpay the second part and get rid of it all together, however, this is easier said than done.
Any advice would be much appreciated.
I have a mortgage made up of 2 parts. (I ported the 1st part and added the 2nd part to fund a new house)
The first is for £54000 @ 1% above the base rate for the life of the mortgage. (currently 1.5%)
The second is for £22000 @ 5.9% fixed until August 2018.
I know nothing about mortgages and ain't to good at maths, the first mortgage was obvious to see as a great interest rate, hence why I kept it.
Both of the mortgages are with Lloyds and have to stay with Lloyds. So, when I come to look for a better interest rate for the second part of the mortgage I can only have a Lloyds mortgage.
Is it best to carry on keeping this mortgage or could I get a better deal by switching?
The first part is cheap but the second part kind of overpowers the first part meaning the average i'm paying is higher than some deals that i've seen on the comparison sites.
The other option would be to overpay the second part and get rid of it all together, however, this is easier said than done.
Any advice would be much appreciated.
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