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Is it worth paying more on the lower fixed rate?
_epoh_
Posts: 1 Newbie
Hi,
I have a mortgage that is fixed at 1.55% until early 2026. When the fixed deal expires, I'll have 16 years left. It's a repayment mortgage.
I can afford to pay an extra £200-300 on top of what I'm paying. However, I'm wondering if paying the extra now for 2.5 years would really matter once the rate hike hits.
I have a mortgage that is fixed at 1.55% until early 2026. When the fixed deal expires, I'll have 16 years left. It's a repayment mortgage.
I can afford to pay an extra £200-300 on top of what I'm paying. However, I'm wondering if paying the extra now for 2.5 years would really matter once the rate hike hits.
0
Comments
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You would be better paying the extra money into a savings account earning 5+ percent at the moment, and then paying it off in one chunk once the fixed rate ends.
Will it matter? Of course it will, it will still come off the balance.1
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