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Pop

 posted on 15th Jan 14 at 18:20

quote:
Originally posted by VegasPhil
Well done for fixing. Mine is up in July.

Can bet that rises will come just before my deal comes up.


Ours is up in July too, all being well the rates don't rise and we can fix for at least another 5 years


VegasPhil

 posted on 14th Jan 14 at 20:03

Well done for fixing. Mine is up in July.

Can bet that rises will come just before my deal comes up.


Carl

 posted on 13th Jan 14 at 22:56

fixed at 2.8% for 2 year and knocked 5 years off my term to 16 and I'm still paying £20 less, happy days!


_Allan_

 posted on 10th Jan 14 at 14:12

I'm only allowed 10% per year also but if I up the monthly payments it is classed a new contract and does not use any of the allowance. In theory you could up to 2K a month etc.. and not have any penalties.


RichR

 posted on 10th Jan 14 at 13:05

Assuming your lender allows that level of overpayment without penalties. I'm allowed to pay up to 10% of my outstanding balance per year without accruing any charges but it varies from lender to lender.


James

 posted on 10th Jan 14 at 11:02

Yeh IMO it's a better idea.

Say for arguments sake that a 25 year term has £1k a month repayment and 35 year term has £750 a month repayment.

If you opt for the 25 year term, your repayment will always be £1k, but if you choose 35 year and overpay the difference (£250), you will still fully repay the mortgage after 25 years, so the total interest will be the same, but you have the choice of not overpaying.


Carl

 posted on 9th Jan 14 at 21:44

quote:
Originally posted by James
Well if you overpay you'll have paid it off before the end of the term anyway. So it works out the same. But it gives you the flexibility of not overpaying if you need the cash.


I get you, cheers that makes sense.


James

 posted on 9th Jan 14 at 21:10

Well if you overpay you'll have paid it off before the end of the term anyway. So it works out the same. But it gives you the flexibility of not overpaying if you need the cash.


Carl

 posted on 9th Jan 14 at 21:03

quote:
Originally posted by James
I'd keep the term the same and overpay the difference in repayment. Gives you more flexibility but with the same end result.


Won't there be less interest on it if it's over a shorter term or have i got my wires crossed with that?


James

 posted on 9th Jan 14 at 20:48

I'd keep the term the same and overpay the difference in repayment. Gives you more flexibility but with the same end result.


Carl

 posted on 9th Jan 14 at 18:23

had on an unexpected letter which brought good news, my 4 years fixed at 5.99% has ended, gone onto variable rate at 4.99%, looking to move onto a tracker, heard its about 3.5%? however looking at paying same and reducing the term. Think I owe roughly 47 with 21 years left, with some crude estimates that I could knock this to about 16 and pay roughly the same. Is this the way to go you reckon? I only got the letter yesterday so a lot of this is thinking out loud type stuff!