Fix for 1 year w/ lump sum or variable?

M

mike2017

Registered User
Messages
44
Hi,
I need to get my mortgage down below 80% LTV - I've just exited a one year fixed term and am undecided which of the two approaches to take below:
Switch & Fix for 1 more year, save up overpayments and pay a lump sum off principal once 1 year fixed expires (you're limited to 10% of monthly payment extra when fixed)
or
Switch and go variable & make monthly overpayments to reduce term
Any thoughts / advice?
Thanks
 
BOI?
Fix. The break fee can't possibly be more than the difference between variable and fixed rates.
 
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