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Remortgage or not?
Giddypip
Posts: 132 Forumite
Hi
I am considering remortgaging early and would appreciate any input.
Current mortgage due to run till 31/0/2019 at 3.99%, as of April this year £74,958 owed. 2% ERC if repayed before October this year then 1%.
I've been looking at the remortgage calculator on here and have seen a 5 year fixed for 1.89% with a £490 set up fee (no other fees).
I have a loan with £7,380 left to pay as of April at 6.6%.
My mortgage payments should be £443.32 per month but I pay £550.
I calculate that I would have to pay an ERC of £1,499.16 if I pay the mortgage off now.
My house is worth approx £130,000 and I would want to remortgage for £90,00 to pay off the current mortgage, loan and have a couple of thousand for some decorating.
Do the figures stack up? Would I be saving money?
If you need any more information please just ask.
Many thanks in advance xx
I am considering remortgaging early and would appreciate any input.
Current mortgage due to run till 31/0/2019 at 3.99%, as of April this year £74,958 owed. 2% ERC if repayed before October this year then 1%.
I've been looking at the remortgage calculator on here and have seen a 5 year fixed for 1.89% with a £490 set up fee (no other fees).
I have a loan with £7,380 left to pay as of April at 6.6%.
My mortgage payments should be £443.32 per month but I pay £550.
I calculate that I would have to pay an ERC of £1,499.16 if I pay the mortgage off now.
My house is worth approx £130,000 and I would want to remortgage for £90,00 to pay off the current mortgage, loan and have a couple of thousand for some decorating.
Do the figures stack up? Would I be saving money?
If you need any more information please just ask.
Many thanks in advance xx
0
Comments
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The figures may stack up but will a lender offer you the mortgage you want might be a better question0
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bump
any other opinions :beer:0
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