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Remortgage or not remortgage
Options
LATELUCAN
Posts: 2 Newbie
Hi, I am in a bit of quagmire as what is best to do, I have a current mortgage that is on the variable rate at 2% and I am wondering if it would be best to remortgage with a shorter term @ 1.6% or stay on the variable rate and overpay each month to bring it down that way. The problem I have is the first option gives me stability but a higher monthly payment whereas the 2nd option gives me the flexibility to overpay and the option of missing a payment if I need to. I just wondered if anyone out there would have any recommendations. Many thanks
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Can you have the 1.6% on a longer term adn choose to overpay?0
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I can get the the 1.6% over 5 years but would not be able to make any over payments, so I'm not sure if it is worth sitting tight and overpay or just go for the fixed deal, it's a bit like I'm damned if I do and damned if I don't.0
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Which lender are you talking about? I am confident there are fixed rate available to you that you can make overpayments on...I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, 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 advice0
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