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Mortgages

3 replies 173 views
taxing21taxing21
1 posts
Forumite MoneySaving Newbie
Be gentle its my first post, 
Got our main mortgage with the building society but over the years have added on 3 other smaller ones for extensions, window replacements etc, recieved our yearly statement and a bit shocked at how much interest we are being charged,
Owe £16700.....int..£41.41
Owe £6395....int  ..£15.86
Owe £4008...int..£9.94
Owe £1316..int..£3.29
Yes i admit there are a lot of owes,
These are all on a capital repayment, is there anyway we can lower the interest,  would adding them altogether and moving to a different mortgage provider be cheaper, sorry if gave too much info or not enough but were not much good where mortgages etc are concerned.  Many thanks.

Replies

  • amnblogamnblog
    11.5K posts
    Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    ✭✭✭✭✭
    You owe £28,419 and are being charged £70.50 interest.
    That is 2.5%
    Have we missed something?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • At 2.5%, very little is interest and main part of your payment is capital. Possible not worth the hassle/work for a remortgage on those figures when you add in other costs. 2.5% with unlimited overpayments is not bad
    I am a mortgage broker and IFA. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
  • clairebethclairebeth
    228 posts
    Forumite
    Eighth Anniversary 100 Posts
    ✭✭
    Can't you just overpay to reduce the capital and therefore reduce amount of interest? Your interest rate is fairly low anyway, you might be able to do better,  it depends if a lender would lend you that amount on a lower rate,  no harm in trying.  
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