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Remortgage with ERC or additional borrowing?
davilown
Posts: 2,303 Forumite
OK so my fault I should have spoken to a broker first!
Quick questions if anyone is able to do the maths for me I'd really appreciate it.
Current mortgage:
£185,000 outstanding
3.39% £1105pm 19 years left
ERC @ 4% £7402 (3% from 1 Sep 17, 0% from 1 Sep 18)
New mortgage:
£231,000
1.69% £944 pm 25 years (would look to overpay by £400 pm)
House selling £400,000
House Purchase £385,000
Need £15,000 for renovation
If we were to look at additional borrowing with the West Bromwich of £ £35,000 would this save us a lot more money even though it would increase our monthly payment?
Many thanks in advance!
Quick questions if anyone is able to do the maths for me I'd really appreciate it.
Current mortgage:
£185,000 outstanding
3.39% £1105pm 19 years left
ERC @ 4% £7402 (3% from 1 Sep 17, 0% from 1 Sep 18)
New mortgage:
£231,000
1.69% £944 pm 25 years (would look to overpay by £400 pm)
House selling £400,000
House Purchase £385,000
Need £15,000 for renovation
If we were to look at additional borrowing with the West Bromwich of £ £35,000 would this save us a lot more money even though it would increase our monthly payment?
Many thanks in advance!
30th June 2021 completely debt free…. Downsized, reduced working hours and living the dream.
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