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remortgage now and wait
oliel
Posts: 261 Forumite
I have a mortgage approx £175k o/s with virgin on fixed rate which runs out next may - although they have told me i can lock in a new rate online 6 months before this. currently my redemption figure is £5452 - 2% im thinking i better to sticking until i can lock into a new rate?
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Isn't that a 3% ERC? I myself would not pay that size of ERC on a 175k mortgage buy you may place more value on the peace of mind of a 5-10 year fix.Are you sure it's 6 months? Their website says 4 months / 120 days
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Can contact them but not worth paying the ERC for what you will save.oliel said:I have a mortgage approx £175k o/s with virgin on fixed rate which runs out next may - although they have told me i can lock in a new rate online 6 months before this. currently my redemption figure is £5452 - 2% im thinking i better to sticking until i can lock into a new rate?0 -
£5452 to pay as early repayment charge for peace of mind based on a 5 to 10year speculation? A mortgage is a long term loan with ups and downs. I would sit and wait and take whatever best rate is going when the time comes.Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓0
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