Not enough for a mortgage

A_Frayed_Knot

Sorry greent - didn't see your post before replying to post below you.

greent wrote: »

With that small a balance, unless you have a very restricted income, I'd look at staying on SVR for the flexibility of being able to throw as much at it as possible and clear it asap.

Yes - exactly, this is my main reason for choosing - No Deal, SVR and unlimited o/p's :j

Zero_Sum

A_Frayed_Knot wrote: »

Nothing wrong with savers, just not for me - reasons below.

Have managed to do this? as I would have my doubts, (but don't know Nationwide's allowances to o/p) I take the original loan sum to be whatever you have remortgaged for and not the 1st mortgage sum, otherwise they would not have ERC's. I hope you check this out, thoroughly.

With H@lifax, its 10% of your re-mortgage sum, not the original sum from 1st mortgage. So that would have let me o/p £1,800 when in previous years I have managed around double that. Also (most important factor, for me) was the new 2 year deal would have also taken me over my target MF date, which was Dec 2019 (S*d that for a carry on) - I want to be MF asap and I will, I will, I will be, (If I say it often enough, it will happen ) before my next birthday in March:j

Not much difference between mortgage interest rate and regular savers interest, I had a regular saver and got bored - was too slow for me, £200 a month for a year - all for £60 interest, much preferred to see my mortgage balance reduce quickly.

5% v 2% on mortgage v reg savers. And you can have more than one with various banks. With Nationwide i sat down with advisor & asked about the overpayment as it was a concern of mine. I can effectively overpay remortgage by nearly 20%