We are looking to move house but are tied in for another year with current mortgage company. (£5,000 to buy ourselves out!)
We currently owe £90k on 6.65% we pay £601 per month-ish. They say they will keep that and offer another 40k on 7.15% Totalling £918 pm. We can't afford this. Our IFA is looking around for us for a complete new deal on better rate, incl. paying off the £5k.
However, a lot depends on the price we get for ours and how much we can get a house we've seen for.
So question, anyone work out, if we had the 90k at 6.65% plus another 25k at the 7.15%?
Follow that lol?
2007-01-11 05:10:24 · 3 answers · asked by YVETTE S 1 in Business & Finance ➔ Personal Finance
oops, forgot to add, the current is 25yrs (90k) less 1 yr, new one for rest will be 30yrs
2007-01-11 05:19:27 · update #1
If you go on sites that find you the best mortgage they have mortgage calculators.
I have just got another 40k advance from my mortgage company and I negotiated the rate on the main loan down so my monthly repayments have stayed the same.
I am paying 5.4 % now with the Bradford and Bingly.
You would be surprised at the good deals you can get. My advice is to go on the mortgage comparison sites - just search for 'mortgage comparison'. Then find the best deal you can. Then tell your existing mortgage company that you have a better deal and you will move unless they match it. They will usually match it and save you the hassle of moving.
2007-01-11 05:23:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You would need to know the term of the mortgage, but you are probably looking at £800 and something per month I would think.
2007-01-11 13:15:43 · answer #2 · answered by Ally 5 · 0⤊ 0⤋
go to bankrate.com. It has calculators for all options.
2007-01-11 17:55:18 · answer #3 · answered by sm4125 3 · 0⤊ 0⤋