We currently have a million year fixed rate with sharkleys at 4.89% with 10.5 years left on the mortgage and 5 years left on the fixed rate.
I think our last statement had about 54k on it and we pay £560 per month
Today I saw a fixed rate offer by the Yorkshire building society at 2.99%, so I put in rough figures of repayment mortgage, over 10 years of 60k (as we have to pay a redemption penalty but im not sure how much) and the payment came out at 587 per month??
How can this be, when the rate is nearly half of what we're paying n0ow?
I then put 54k as the remortgage amount and it still comes up with a figure of 520 a month, savings us only 40quid a month, even if we had no redemption penalty to pay off
Am I missing something, I thought the payment figure would be much lower than this if we remortgaged at such a rate?
I think our last statement had about 54k on it and we pay £560 per month
Today I saw a fixed rate offer by the Yorkshire building society at 2.99%, so I put in rough figures of repayment mortgage, over 10 years of 60k (as we have to pay a redemption penalty but im not sure how much) and the payment came out at 587 per month??
How can this be, when the rate is nearly half of what we're paying n0ow?
I then put 54k as the remortgage amount and it still comes up with a figure of 520 a month, savings us only 40quid a month, even if we had no redemption penalty to pay off
Am I missing something, I thought the payment figure would be much lower than this if we remortgaged at such a rate?