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Mortgage: Get a New Deal or Get a loan to clear it?
Cylonatreides
Posts: 3 Newbie
Hi Everyone,
I have 9 months left on my Mortgage with £12,000 left to pay. As my 5 year fixed rate ended I have been put on 4.99% for the rest of the payments but i'm not sure whether to try and get a better Deal with my current provider or switch to another bank....or get a 12k Loan to clear the mortgage outright. My provider have already told me that if i do clear it all in one go i wont pay any penalties as it's so close to the end. I'm not sure what to do for the best. Currently i pay approx. £1499 per month. Thanks in advance for help.
I have 9 months left on my Mortgage with £12,000 left to pay. As my 5 year fixed rate ended I have been put on 4.99% for the rest of the payments but i'm not sure whether to try and get a better Deal with my current provider or switch to another bank....or get a 12k Loan to clear the mortgage outright. My provider have already told me that if i do clear it all in one go i wont pay any penalties as it's so close to the end. I'm not sure what to do for the best. Currently i pay approx. £1499 per month. Thanks in advance for help.
0
Comments
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If you are in a position to keep paying every month. Then do so. As you've only 9 months to go. The bulk of what you are paying is now capital not interest. If you have any spare money i.e. savings. Over pay the mortgage that'll will save a small amount of interest.1
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