How best to get an accurate figure??

eggedd2k

I've been putting figures into the calculators and have been pleasantly surprised at how much we could save if we increase our monthly mortgage payments.

Our current mortgage is for 23 years. Started in September last year.

We've got a 2 year fixed rate deal at 5.99%. After that it will increase to 7.75% although I will switch to a new fixed rate deal before that.

I can't figure out what exact figures to put into the calculator to work out an accurate figure for decreasing the mortgage by.

Can anyone help? Is it best just to stick to the figure after the two year fixed period?

thanks in advance.

dimbo61

stick to the 5.99% figure you have as you and everybody else has no
idea what the BOE base rate and mortgage rates will be in 2 years !!
What is more important is how much you can afford to overpay without
living on bread and water for next 20 years ??
good luck

eggedd2k

excellent. thanks very much.

just checked and even if i just paid an extra £50 a month I'd save over 12k !!! and reduce the mortgage by 2 years.

amazing.

sunshine_shell

this might sound blonde but which calculators are you using?? Thanks!