Current mortgage is £119,207 looking to pay 10% without penalty to £107,286. It is interest only @ 5.09% 7 years remaining of a 10 year fix.
Would I be an imbecile to pay the 6% penalty on the balance and remortgage to capital repayment over 15 years.
Current LTV is 75% could reduce this to 60% with savings.
Considering 5 year fix at 2.99% or 10 year at 3.99%
I'm figuring what I lose on the swings I make up on the roundabouts.
Your thoughts please.
Would I be an imbecile to pay the 6% penalty on the balance and remortgage to capital repayment over 15 years.
Current LTV is 75% could reduce this to 60% with savings.
Considering 5 year fix at 2.99% or 10 year at 3.99%
I'm figuring what I lose on the swings I make up on the roundabouts.
Your thoughts please.