i have a £160000 mortgage with £2000 available for repayments. what is the best kind of mortgage i can get to pay off as early as possible
2007-03-08 03:53:21 · 6 answers · asked by squirtlesdad 1 in Business & Finance ➔ Personal Finance
2 or 3 year fixed rate, capital and interest, keep the payments at £2k but cut the years, then remortgage in 2-3 years again keeping the payment the same but cutting the number of years.
Do you mean you've got £2k each month or as a one off?
2007-03-08 03:59:19 · answer #1 · answered by RRM 4 · 1⤊ 0⤋
You could get a variable rate mortgage, they usually let you oay off as much as want without any charges but the interestes rates can be a little high, best option is probably a flexible mortgage, you can usualy get a better rate than the variable rate and they let you make some overpayments, you can look at flexible mortgages at the moneysupermarket.com. Overpayments are good becuase they reduce the capital striaght away and that lowers the amount of interest you pay and reduces the length of the mortgage
2007-03-09 01:17:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I had a straight repayment mortgage the interest was calculated on a daily basis and you could make extra payments when you was in the money
.
hope this helps
2007-03-08 03:59:22 · answer #3 · answered by Grumpy 2 · 1⤊ 0⤋
Before you pay them the extra L2000, call them and make sure there is no prepayment penalty in your mortgage contract.
2007-03-08 03:58:56 · answer #4 · answered by VT 5 · 1⤊ 0⤋
either win the lottery,
or marry rich chick wiv bm dub,
or kiss your bosses bottom and get pay rise,
but be caucious wiv endowment,
maybe checkout repayment mortgage,
there must be sites,
try rightmove.co.uk
and follow links
xxx
2007-03-08 04:03:19 · answer #5 · answered by qwerty 3 · 0⤊ 1⤋
Take up chanting a switchword-your finances should increase-
2007-03-08 04:01:41 · answer #6 · answered by mr.bigz 6 · 0⤊ 0⤋