likely deal?

col81

I have a interest only mortgage following the libor i owe £118k on the house worth £150k i think i would scrape the 80% LTV. I have good credit now after a lot of past problems my experian score is 910 i also have a credit card with lloyds with £600 balance this is my only debt. I pay £350 now and i am looking to get this on a repayment deal what monthly figures am i likely to get this at? or should i stick with the interest only deal and overpay each month?

K_S

@col81 If you are paying £350/month I/O on an amount outstanding of £118k, that's an interest rate of around 3.56%. For a no-fee capital repayment mortgage, the top rates you are looking at are (very very roughly) around the 2% mark.

The MSE mortgage finder will give you what the top repayment rates in the market are (they may or may not be available for you, depending on your particular circumstances) and what the monthly payment is likely to be.

Based on the limited info in your post, do remember that, at 80% LTV, moving from an I/O to a repayment mortgage is most likely a one-way move with no/very-low possibility of return, so do assess carefully whether the difference in costs is worth it and the loss of flexibility is compatible with YOUR particular circumstances and requirements.

col81

Would you advise changing or overpaying on exisitng? thank you for the reply

col81

Any advice please? stick with interest only and overpay or switch? 

K_S

@col81 Apologies, I can't really comment on that aspect as it's very individual to your circumstances, attitude, etc and as a regulated mortgage adviser I can't run the risk of saying something that could be construed as advice on the basis of little to no information.

Hopefully others without such a limitation can give their opinion on what course of action you should take