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what to do with new mortgage?
jodie114
Posts: 417 Forumite
we have a fixed rate finishing in july this year. we are currently with a&l at 4.89%. We like the regularity of a fixed rate, but are unsure what to look for.
The house is worth approx £180,000 and we have a current mortgage of £65,000, making monthly payments £402.00 with 20y to run.
We can manage this, but am worried about how much this is likely to go up to? am i going to get a rate anything like this now? how much difference to monthly payments would say, another 1% make?
Also, we have approx £18,000 debt on an unsecured loan and credit cards(all high apr, no chance of getting lower rates) and we are making min. payments. should we consider upping the mortgage to include these, since at this rate we still have the credit cards when the mortgage runs out?.
This would give us more cash to overpay on the mortgage ( and therefore the added loan element) are are we best sticking as low as possible?
sorry i have waffled, just really confused..
thanks
jodie
sorry, should also add, our plan has always been to shorten the mortgage when we get rid of this other debt - so would this work?
The house is worth approx £180,000 and we have a current mortgage of £65,000, making monthly payments £402.00 with 20y to run.
We can manage this, but am worried about how much this is likely to go up to? am i going to get a rate anything like this now? how much difference to monthly payments would say, another 1% make?
Also, we have approx £18,000 debt on an unsecured loan and credit cards(all high apr, no chance of getting lower rates) and we are making min. payments. should we consider upping the mortgage to include these, since at this rate we still have the credit cards when the mortgage runs out?.
This would give us more cash to overpay on the mortgage ( and therefore the added loan element) are are we best sticking as low as possible?
sorry i have waffled, just really confused..
thanks
jodie
sorry, should also add, our plan has always been to shorten the mortgage when we get rid of this other debt - so would this work?
Ok, ok, i need to go back onto Weightwatchers, lost 7 stone..... 2 back on, this has to change.....Help!!!:eek:
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