Hi
I am being a bit thick and was hoping someone could help;
We are 17 months into a 36 month fixed term IO mortgage. We want to sell but will suffer an ERC of £4200!
If we wait until the term has expired and we are free to redeem the mortgage without charge we will have paid roughly a further £14,250 in interest (19 months x £750 monthly interest payments).
To my mind we are better off by some £10k if we sell now and take the ERC hit rather than keep paying interest until the end of the fixed rate term.
Our move is not dependent on the sale but cashflow wise it will be a necessity once we do move!
am i missing something obvious as to why we would not sell now?!?!?
huge thank you in advance!!
I am being a bit thick and was hoping someone could help;
We are 17 months into a 36 month fixed term IO mortgage. We want to sell but will suffer an ERC of £4200!
If we wait until the term has expired and we are free to redeem the mortgage without charge we will have paid roughly a further £14,250 in interest (19 months x £750 monthly interest payments).
To my mind we are better off by some £10k if we sell now and take the ERC hit rather than keep paying interest until the end of the fixed rate term.
Our move is not dependent on the sale but cashflow wise it will be a necessity once we do move!
am i missing something obvious as to why we would not sell now?!?!?
huge thank you in advance!!
