Martin Lewis
MoneySavingExpert Chair, Martin Lewis · Editor, Marcus Herbert

MSE Forum

4 years left?

in Mortgage-free wannabe
2 replies 171 views
JoolsB512JoolsB512 Forumite
1 Post
Newbie
in Mortgage-free wannabe
So I have 4 years left on my current mortgage and my fixed rate is due to end in November. Now I have around £17k left to pay. Just can't decide whether to find a new fixed rate deal for 2 years, leave it to the gods of variable or consider a bank loan for the remainder. Just not sure what would be best.

Replies

  • South_coastSouth_coast Forumite
    4.1K Posts
    1,000 Posts Third Anniversary Name Dropper Photogenic
    Forumite
    You might not be able to get a fix when you have such a small balance remaining. The bank I had my mortgage with didn't do them for less than £30k, so it's probably worth checking
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • Thriftmaster1973Thriftmaster1973 Forumite
    129 Posts
    Fifth Anniversary 100 Posts Name Dropper Combo Breaker
    Forumite
    A lot of building societies & banks want £25k debt and upwards for a refix.
    £52,365 owing December 2017.Now for the final countdown..1st Jan 2021 - £29,316 -- 1st Feb 2021 - £28,809 -- 1st Mar 2021 - £27,309 -- 1st Apr 2021 - £26,811 -- 1st May 2021 - £26,315 -- 1st Jun 2021 - £25,811 -- 1st Jul 2021 - £24,311 -- 1st Aug 2021 - £23,809 -- 1st Sep 2021 - £22,305 -- 1st Oct 2021 - £21,798 -- 1st Nov 2021 - £20,292 -- 1st Dec 2021 - £19,783 -- 1st Jan 2022 - £18,276 -- 1st Feb 2022 - £17,762 -- 1st Mar 2022 -£17,248 -- 1st Apr 2022 -£15,713 -- 1st May 2022 - £15,202 --1st Jun 2022 - £13,703 -- 1st Jul 2022 - £13,184 -- 1st Aug 2022 - £11,665 -- 1st Sep 2022 - £11,144 -- 1st Oct 2022 - £9,822 -- 1st Nov 2022 - £9,298 -- 1st Dec 2022 - £7,572 --1st Jan 2023 - £7,045 -- 1st Feb 2023 - £5,516 -- 10th Feb 2023 - £5,518 Overpayment Pot @ 10th Feb 23 = £5,518 / Primed = £0 / Actual debt = £0!!!! "Yes, the medicine is harsh, but the patient requires it in order to live, should we withhold the medicine?" Hopefully at zero mortgage debt by December 2022 or very close to it. Determined for freedom! 🍻🥂🍸🍹.
Sign In or Register to comment.
Latest MSE News and Guides

Martin and MSE campaign win

April's 20% energy price guarantee hike postponed

MSE News

Childcare budget boost

More support for children from nine months and those on Universal Credit

MSE News

Energy Price Guarantee calculator

How much you'll likely pay from April

MSE Tools
Sign In · Join