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Re mortgage
heidi32
Posts: 4 Newbie
I want to re mortgage and add an existing loan to my my mortgage. I am currently in a 2 year fixed at 2.9% loan value 166.000 22.5 years left on mortgage. £842 per month and loan payment is £360 per month for next five years, want to change to fixed 5 year at 1.91% loan value £190.000 with 16 year term, Monthly payment will be £1147.09 per month. I will have to pay fee for early repayment £4998 and upfront fees on new deal of £995 is this the right thing to do?
0
Comments
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Based on what you have said, no.
I would continue to pay the £360 a month for the next 5 years until the loan is settled then overpay the mortgage by £360 a month - saving you £6000 in fees. Look for a better mortgage deal when the time comes.0
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