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Stick or renew mortgage?
edmond
Posts: 292 Forumite
i am not an expert so please bear with me.
i have recieved a letter from the abbey telling me that my monthly repayments are going to change as the rate on one of your loans has changed.
i have the outstanding balance
£25,498.44 @ 5.340% carriered forward from my last mortgage from my pervious house due to run out jan 2009
£72,592.26 was 5.25% for the first year, has now changed to 7.090% again due to run out jan 2009.
this means my mortgage payments have gone up from £604.22 to £685.11.
now i think i know the answer to my question but i would like to check.
i can keep the current rate until jan 2009 no both balances and try and find a new product, or after speaking to the Abbey i can have a new 2 year fixed rate product @6.49% + a fee of £399.00.
i think i will be taking the first option as the additional mortgage payment will only come to £485.34
i have recieved a letter from the abbey telling me that my monthly repayments are going to change as the rate on one of your loans has changed.
i have the outstanding balance
£25,498.44 @ 5.340% carriered forward from my last mortgage from my pervious house due to run out jan 2009
£72,592.26 was 5.25% for the first year, has now changed to 7.090% again due to run out jan 2009.
this means my mortgage payments have gone up from £604.22 to £685.11.
now i think i know the answer to my question but i would like to check.
i can keep the current rate until jan 2009 no both balances and try and find a new product, or after speaking to the Abbey i can have a new 2 year fixed rate product @6.49% + a fee of £399.00.
i think i will be taking the first option as the additional mortgage payment will only come to £485.34
0
Comments
-
no one is sure what the rates will be in jan 2009 but as abbey are only
offering a 2 year deal at 6.49% with £399 fee I would consider waiting
till near the end of your current deal and ask a whole of market broker to see what he or she can find you then.
think long term ie 5/10 year deals as trying to clear near £100,000 is more a long term aim. GOOD LUCK0
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