Hi, can someboyd help please.
My current 3 year mortgage of 5.79% (Yes it's high but we only had 10% deposit and were just glad to get the loan) is due to expire in October 2013.
Due to pay rises, profitable share schemes, etc, we have managed to do some overpaying so now own about 30% (assuming house price is about the same which I think is reasonable). The best mortgage rates appear to be those with 40% deposit and we can afford another 10% lump sum to get us there. However there would be large overpayment charges which we don't want to pay if we pay any more on existing deal.
Clearly when we move remortgage, we should be able to get a much better deal (less than 3% with 40% deposit), but how do I go about paying the extra 10% to get the good deals. Do I wait for current to run down, then negotiate a new deal and pay the 10% in between??
Any help much appreciated!
Thanks
My current 3 year mortgage of 5.79% (Yes it's high but we only had 10% deposit and were just glad to get the loan) is due to expire in October 2013.
Due to pay rises, profitable share schemes, etc, we have managed to do some overpaying so now own about 30% (assuming house price is about the same which I think is reasonable). The best mortgage rates appear to be those with 40% deposit and we can afford another 10% lump sum to get us there. However there would be large overpayment charges which we don't want to pay if we pay any more on existing deal.
Clearly when we move remortgage, we should be able to get a much better deal (less than 3% with 40% deposit), but how do I go about paying the extra 10% to get the good deals. Do I wait for current to run down, then negotiate a new deal and pay the 10% in between??
Any help much appreciated!
Thanks