My mortgage is not fixed rate any more but I can make overpayments without penalty just feel monthly repayments are high for such a small mortgage. I want rid of it in the next few years would a loan be better?
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Bear in mind that you have already paid most of the interest on your morgtage, in the early years,
The majority of your payments are now paying down the principle.
With a new loan, you will be paying interest once again in the early months.
Obtain a statement showing your interest and principle payments at present and to the end of the loan.
Interest rates are probably going to ease upwards over the next 5 years - I would think that a fixed term loan sounds a bit dangerous if you have a mortgage - id it offset? By putting your current account against the mortgage your saalry flows help to reduce the interest charged and that speeds up the repayment side. Worth getting some quotes - use a mortgage broker as they get commission from everyone so they tend to be quite disinterested in who you go with.
As Edward I stated you paid most of the interest. It the payments are too high, you can get a 60 or 120 month fixed rate mortgage open end. Open end means you can pay down the mortgage any time. I would also get an amortization so you know exactly how much you're paying each month.
Hi,
You may go for refinancing and opt for a fixed rate. You are sure to get better interest rates with refinancing. You can checkout http://mortgage.creditmortgagepro.com/ for some useful info on mortgage and refinancing. Good luck!
It all depends on the interest and the conditions. You should evaluate that before you renegotiate to a loan. Do what is best for you financially.