Mortgage repayment advice...please

A_Frayed_Knot

Timmanc wrote: »

This may be a stupid question but what Is the likelihood of my mortgage provider (nationwide) giving me impartial advice on this ? (Just interested on their take also)

Probably not, but if you presented/asked them a scenario, then ask what would/could happen, then they would give you an answer, like - Can I pay a lump sum just before my deal runs out/runs out? then go into new deal? or similar.


Should also mention that if your deal starts mid year as you state, then that year (check with your mortgage lender) you should be allowed a 10% allowance at the start of the year, then once in new deal - another 10% (I know I was allowed 2 lots of 10% when I entered new deal) :j

lulabelle1

What is your Early repayment penalty for any amount that you exceed above 10%?

If you have a 2 year fix, then I doubt it would be more than 2% with Nationwide.

You're paying 2% interest on the mortgage.....

So, since you have an emergency fund, my advice would be to OP the full 50k ASAP. Yes, you'll have a 2% (most likely) penalty, but you're saving 2% interest.

Socajam

With a young family and a sick wife, I would leave that 50K as my emergency fund and life happens fund and wait until your wife is able to work to pay more on the mortgage.
One thing you do not want to be to be in an emergency is house rich, but cash poor:

Homeowners are ending up with less money saved for emergency situations or daily expenses. Being house rich and cash poor may also mean that a homeowner neglects to contribute to other savings