Absolutely, go for it if you don't need money for any planned expenditures.What do people think about really going for it?
Just on this, some of the best rates available to the OP are with his current lender, so the 'switch' is very simple. I'd be grabbing the 5 year high value rate at 2.2% if I didn't want to go through the process of switching lenders.and switch when its feasible
I hadn't realised that, thanks for pointing it out!Absolutely, go for it if you don't need money for any planned expenditures.
Even if you exceed the 10%, you only pay a break fee on the extra bit you're overpaying so you'll still save money.
Simple, also expensive though, 3700 to break at the moment. With UB exiting the market, hard to know what the future holds.Just on this, some of the best rates available to the OP are with his current lender, so the 'switch' is very simple. I'd be grabbing the 5 year high value rate at 2.2% if I didn't want to go through the process of switching lenders.
You need to read more of my posts about fixed rates!I hadn't realised that, thanks for pointing it out!
Absolutely, I meant if you were going to switch. Keep an eye on the break fee every few months, you'll get to a point where it'll make sense. You're probably nearly there - saving 0.4% on 400k is 1,600 per year! So if you've 3 years left on the rate you'd save money breaking & refixing.Simple, also expensive though, 3700 to break at the moment. With UB exiting the market, hard to know what the future holds.
You need to read more of my posts about fixed rates!
The other option to overpay without a break fee is to shorten the term, but you're tying yourself in contractually.
Absolutely, I meant if you were going to switch. Keep an eye on the break fee every few months, you'll get to a point where it'll make sense. You're probably nearly there - saving 0.4% on 400k is 1,600 per year! So if you've 3 years left on the rate you'd save money breaking & refixing.
At least some compensation for hitting that age! Open to correction on this, but I believe we can actually contribute 25% of the full year's earnings, in the year we turn 40, rather than from the day we turn it, if you follow me.....Also bear in mind, in two years, yee hit 40, so be sure to increase pension contributions up to the 25% limit, for those aged 40.
Correct.we can actually contribute the 25% of the full year's earnings, in the year we turn 40,
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