Interest vs Loan apr

edited 31 July 2017 at 11:56AM in Mortgage-Free Wannabe
pull2ejectpull2eject Forumite
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edited 31 July 2017 at 11:56AM in Mortgage-Free Wannabe
Hi Folks

I am new to the forum and thought I would take the bold step of asking some advice from the MSE comunity.
I have been a mortgage payer since 97 and what was originally a 42k endowment mortgage in joint names became mine after my ex wife did a runner in 2003.
It increased to 74k after I payed her out since she had no interest in having a mortgage.
I managed to change the mortgage to a repayment and have since been chipping away at it and even used some inheritance to pay off a chunk of the 74k I was left with.
The mortgage is made up of 3 loans £2,400 @ 1.25% discounted with 6 years to go
£4,[email protected] 4.49% SVR with 12 years to go
and £21,[email protected]% discounted with 6 years to go
All discounted rates are for the lifetime of the mortgage with full flexibility i.e overpayments and payment breaks etc. Plus there are no fees for early repayment of the whole amount.
I was wondering as interest rates are bound to increase at some point, would it make sense to hammer down the 4.49% with a 5k loan @3.5% for say 3 years.
The balance is now around 28k and I'm just not sure what options I have in regard of being mortgage free.

Any advice would be wonderful.

Regards Nick :)
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