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Parents Mortgage

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pursuitofmoney Posts: 52 Forumite

23 December 2016 at 4:33AM in Mortgage-free wannabe

Hi guys,

reading all these mortgage free stories makes me want to help my parents get rid of their mortgage as quickly as possible.

I'm getting confused with the calculators available on the website as there isn't one to see both how much remortgage and overpaying will both save us together. can anyone help break it down for me and explain it for me.

I don't want to keep remortgaging the house every few years so I would prefer a long-term fixed rate. The repayment mortgage I have seen is the 1.49% Coventry flexx for term mortgage.

The Basics,

Parents Mortgage is £58000 @ 2.80% with 13 years remaining.
I assume the house is worth between £90k to £100k

They are currently paying roughly £450.
Me and my brother will want to overpay together £500 each month, this can be increased up to £800 if necessary

The overpayment calculator is showing that if we pay £500 a month extra we will save £6595 in interest alone and that the mortgage would be paid off after 5 years.

TIA,

I understand people will say consult an expert which I will do but I would rather get a better understanding first before doing so.

This discussion has been closed.

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