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    • stuwho
    • By stuwho 10th May 18, 5:06 PM
    • 30Posts
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    stuwho
    Mortgage or Loan?
    • #1
    • 10th May 18, 5:06 PM
    Mortgage or Loan? 10th May 18 at 5:06 PM
    My fixed rate mortgage is coming to an end in July. There will be approx 13100 & 2 years & 8 months left, come July. I've been on to my lender (Barclays) who have offered me a fixed rate of 1.79%, for 2 year fixed, working out at 415.97 a month.( I prefer a fixed rate so I know what I'm paying each month) Then I'd either have 8 months left at variable rate, or move to a different deal with them or someone else. Does this look like the best rate I can get or are there any other cheaper rates out there that have no fees? Or, would I be better going for a bank loan. I've seen one on MSE from Sainsburys, that would be for 30 months (cutting 2 months off my current time) at 448.42 a month & only paying back 452.60 in interest. Also, would it be hard to get a deal for 8 months at the end? Any advice?
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    • Farmerbob
    • By Farmerbob 10th May 18, 8:13 PM
    • 207 Posts
    • 126 Thanks
    Farmerbob
    • #2
    • 10th May 18, 8:13 PM
    • #2
    • 10th May 18, 8:13 PM
    Based on the figures youve quoted the Sainsburys loan looks like it is on a higher rate. Why not consider the Barclays mortgage and overpay or save enough to clear the balance at the end of the term. Given the low balance I doubt the payment on SVR would be massively different and youd be able to pay in in those few months if youre not able to have it cleared at end of the fixed rate.
    Last edited by Farmerbob; 10-05-2018 at 8:15 PM.
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