Help with mortgage advice!

98 Posts


Hi
I hope someone can help me with mortgage advice.
My house is worth £350000. There’s a £208000 mortgage on it.
There are 15 years left on it.
We can afford to pay £1500 per month.
I prefer fixed mortgages as I know what to expect and usually fix for 2 years.
The best deal so far is Yorkshire building society at 1.39%.
So my question is do I remortgage for the 15years (£1289per month) and over pay by £211?
Or reduce the term of the mortgage to 12.5years with no overpayment?
I have gone through the numbers but just can’t decide.
Thanks for your help.
I hope someone can help me with mortgage advice.
My house is worth £350000. There’s a £208000 mortgage on it.
There are 15 years left on it.
We can afford to pay £1500 per month.
I prefer fixed mortgages as I know what to expect and usually fix for 2 years.
The best deal so far is Yorkshire building society at 1.39%.
So my question is do I remortgage for the 15years (£1289per month) and over pay by £211?
Or reduce the term of the mortgage to 12.5years with no overpayment?
I have gone through the numbers but just can’t decide.
Thanks for your help.
0
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Replies
The general guidance is to pay as little as possible and top it up as if things change you can reduce the payments. Personally for me, if money is knocking around ill find something to spend it on so i took the shorter term option.
That's a good interest rate over 15 years btw
Mortgage balance November 2017: £97583
Mortgage balance November 2018: £90952.08
Mortgage balance December 2018: £90470.65
Mortgage balance June 2020: £79561.39
Mortgage balance October 2020: £77686.25
Still I'd go for the longer term and OP. You'll pay more interest but you'll have peace of mind knowing you can reduce payments if necessary.
Mortgage balance November 2017: £97583
Mortgage balance November 2018: £90952.08
Mortgage balance December 2018: £90470.65
Mortgage balance June 2020: £79561.39
Mortgage balance October 2020: £77686.25
Though at 1.39%, you could do much better than that with a regular saver so why overpay at all? (I understand this sentiment may be frowned upon on the MFW board.)