Switching with a small mortgage

Domn879

Hi,

I’ve just been passed over the heliodor mortgages from Northern Rock. We’ve never switched mortgage before and have been on the standard rate for far too long. I realise I should have done something about this long ago.

We’ve been overpaying for a few years and have about 48 months left at this point. The end is on site and I’m considering making a case to my partner to clear it in 36 months, costing us probably about £300 extra between us.

I’ve done a little research but I still can’t figure out whether it’s worth it with a relatively small term left. If I switch and get the 1.29 nationwide et al are offering for a couple of years, am I going to save significant amount of money? Whether paying extra or just sticking with my 1k a month payment. Exit fees seem to be only £250 and £490 set up free for new mortgage.

MovingForwards

How much is outstanding on your mortgage?
What is the interest rate?

Members can then provide you with facts and figures to help you decide.

Domn879

Outstanding balance is 47k, property probably worth about 90k. On the standard 4.24% rate right now.

Domn879

Anyone?.....thanks

MovingForwards

Post your question on the actual mortgage board, with the extra information as this is a diary section (sorry, never noticed when I commented before )