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What is cheaper over two weeks?
IAMIAM
Posts: 1,388 Forumite
£145k balance, currently 1.44% going to 6% (SVR) for two weeks before a new deal (4%) on 16th July or pay £290 fee on an additional borrowing account that just has 1k left in order align days to 30th June. Main balance deal finishes 30th June, additional borrowing deal finishes 16th July.
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Anyone any idea0
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I'm not sure what the additional borrowing account is or why the timing matters. But putting that aside, I'm assuming you want to calculate the interest on £145k at 6% and 4% over two weeks. I just ran it through a compound interest calculator, and it reckons £334 at 6% and £223 at 4%. So you will be paying an extra £111 by going onto the 6% SVR for two weeks. As the alternative will cost you £290, it seems the temporary SVR is the better option.
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