Hi
Just looking for a little bit of advice from all you knowledgeable folk!
My Santander mortgage has matured returning it to the SVR of 4.74%. I have spoken to them and best deal they can offer is 4.64% fixed 2 yrs.
I believe my house to be valued at 140000 and the outstanding mortgage is 118300(about 18yrs remaining)
Having looked into remortgaging i have established the following figures:
Stay at SVR Repayment mortgage (providing it stays at same rate) over 2 yrs.
£837.70 x 24 = 20104.80
Having looked on comparison sites this seems to be the best deal from Leek BS 2 yr fixed @ 3.19%.
£720.60 x 24 = 17294.40
Set up fees = 995.00
Leaving fees = 225.00
Total = 18514.40 Savings £1590.40!!
So remortgaging seems to be the way forward...
Finally my questions
Firstly do my sums look correct, am i missing any costs on remortgaging?
Second Q, These figures are based on an 18 yr mortgage, if i transferred over to a 25 yr mortgage my monthly figure would be much reduced could i then over pay (say 200 a month) or would that not make a difference?
Hope that makes sense, my mind is currently full of figures and what ifs, any advice would be greatly appreciated.
kind regards
Just looking for a little bit of advice from all you knowledgeable folk!
My Santander mortgage has matured returning it to the SVR of 4.74%. I have spoken to them and best deal they can offer is 4.64% fixed 2 yrs.
I believe my house to be valued at 140000 and the outstanding mortgage is 118300(about 18yrs remaining)
Having looked into remortgaging i have established the following figures:
Stay at SVR Repayment mortgage (providing it stays at same rate) over 2 yrs.
£837.70 x 24 = 20104.80
Having looked on comparison sites this seems to be the best deal from Leek BS 2 yr fixed @ 3.19%.
£720.60 x 24 = 17294.40
Set up fees = 995.00
Leaving fees = 225.00
Total = 18514.40 Savings £1590.40!!
So remortgaging seems to be the way forward...
Finally my questions
Firstly do my sums look correct, am i missing any costs on remortgaging?
Second Q, These figures are based on an 18 yr mortgage, if i transferred over to a 25 yr mortgage my monthly figure would be much reduced could i then over pay (say 200 a month) or would that not make a difference?
Hope that makes sense, my mind is currently full of figures and what ifs, any advice would be greatly appreciated.
kind regards