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Remortgaging question
therivierakid
Posts: 329 Forumite
I have a question about a potential remortgaging of our house...
My wife and I have a fixed deal with Santander that ends in Nov 2019 with a rate of 3.19%. The repayments are £839 a month and there's currently £177,000 left on the loan. With the ERC of 5% we'd need to borrow roughly £186k to pay it off.
Looking at what our house might be worth (downgrading Zoopla's optimistic estimate somewhat) I'd say it would probably fetch around £290k, giving us an LTV just under 65%.
So, I've had a look on Martin's remortgaging best buys at just the fixed deals and it seems as though there's plenty out there (subject to acceptance of course), a lot of which could save us over £2k in the remaining months of our fixed deal, even factoring in arrangement/valuation and other fees.
So my question is... is it backward to add £9k to our loan in order to save £2k in the short term or should we just wait till Nov 19 and hope the cheap deals are still available?
TIA
My wife and I have a fixed deal with Santander that ends in Nov 2019 with a rate of 3.19%. The repayments are £839 a month and there's currently £177,000 left on the loan. With the ERC of 5% we'd need to borrow roughly £186k to pay it off.
Looking at what our house might be worth (downgrading Zoopla's optimistic estimate somewhat) I'd say it would probably fetch around £290k, giving us an LTV just under 65%.
So, I've had a look on Martin's remortgaging best buys at just the fixed deals and it seems as though there's plenty out there (subject to acceptance of course), a lot of which could save us over £2k in the remaining months of our fixed deal, even factoring in arrangement/valuation and other fees.
So my question is... is it backward to add £9k to our loan in order to save £2k in the short term or should we just wait till Nov 19 and hope the cheap deals are still available?
TIA
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0
Comments
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Yes, I believe adding £9000 plus interest is crazy to save £2000.0
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