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longtomsilver

Should I Pay Down Some Of My Mortgage?

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House value: £160k

Mortgage outstanding: £119k fixed 5.09% 8 years remaining changed to IO current LTV 75%

10% a year can be paid off balance outstanding any more a 6% penalty, eek!

Cash in bank and at hand ~£40k

Is there a way I can mitigate the penalty by securing a better rate. With a LTV of 65% best 5year fix I can find is 3.29%.

Any number crunchers on here who can tell me which course of action to take please. Thank you.

Edited by longtomsilver

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House value: £160k

Mortgage outstanding: £119k fixed 5.09% 8 years remaining changed to IO current LTV 75%

10% a year can be paid off balance outstanding any more a 6% penalty, eek!

Cash in bank and at hand ~£40k

Is there a way I can mitigate the penalty by securing a better rate. With a LTV of 65% best 5year fix I can find is 3.29%.

Any number crunchers on here who can tell me which course of action to take please. Thank you.

I've suggest remortgaging via a broker to get the best deals. You sound like you have enough equity and the bank is likely to overvalue the property anyway.

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  • 239 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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