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  • FIRST POST
    • scottish lass
    • By scottish lass 17th Apr 18, 10:48 PM
    • 59Posts
    • 20Thanks
    scottish lass
    Deal ended need advice
    • #1
    • 17th Apr 18, 10:48 PM
    Deal ended need advice 17th Apr 18 at 10:48 PM
    Our deal has ended and now on 2%+ Bank of England base rate = 2.5% still have 15 yrs on mortgage 94000 to pay house value 160000. Not sure if itís worth moving and having fees to pay as I think over the year or two it would work out about the same. Donít have much of a clue re this stuff used a broker before and thinking about it again but would like to save paying out. Any advice appreciated Thanks
Page 1
    • ViolaLass
    • By ViolaLass 17th Apr 18, 10:55 PM
    • 5,356 Posts
    • 7,403 Thanks
    ViolaLass
    • #2
    • 17th Apr 18, 10:55 PM
    • #2
    • 17th Apr 18, 10:55 PM
    Use a mortgage calculator, compare the numbers.
    • getmore4less
    • By getmore4less 18th Apr 18, 3:11 AM
    • 32,035 Posts
    • 19,223 Thanks
    getmore4less
    • #3
    • 18th Apr 18, 3:11 AM
    • #3
    • 18th Apr 18, 3:11 AM
    Which lender?

    Not all brokers, retention deals and remortgages have fees.

    over the 15years

    £94,000 @ 2.5% £627pm interest £18,821

    BAse + 2% is now the top end of the OK rates there will be option that will save money in the sort term and are lowish risk longer term in that you should still find something below the old tracker rate.

    Under 60% LTV so should have access to decent rates.

    For example if you could find a 2% 5y fix.

    amount owing and interest paid
    £94,000 @ 2.5% £627pm £66,474 £10,094
    £94,000 @ 2.0% £627pm £64,347 £7,967

    Any plans to move.
    Can you afford to overpay?
    • dimbo61
    • By dimbo61 18th Apr 18, 8:25 AM
    • 9,880 Posts
    • 5,314 Thanks
    dimbo61
    • #4
    • 18th Apr 18, 8:25 AM
    • #4
    • 18th Apr 18, 8:25 AM
    It is hard to give" Ideas " as we are not allowed to give ADVICE Forum rules.
    Without a full fact find of all your circumstances.
    I.E. age, income, savings, LTV, pension, kids, long term plans etc etc.
    You might want the security of a 5 or 10 year fix or you might be checking right move every day as you have plans to move this year.
    Are you living in a 5 bed country house or tiny one bed flat in Glasgow city centre ?
    Are you struggling to pay the mortgage or saving £1,000 a month ?
    You could be 21 or 61 and in secure employment or Zero hours contract !
    Maybe a little more info or consider a whole of market mortgage broker.
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