Ciaran6410
Registered User
- Messages
- 13
Hi all,
I am 6 years into a 35 year mortgage but due to monthly and lump sum overpayments this is reduced to 20 years. I am planning on reducing this to at least 15 years by another upcoming lump sum payment.
If we switch to another lender on a fixed rate am I reducing the term, our options and flexibility? As it stands we could potentially take a mortgage holiday if I was out of work etc.
Would it be a smarter option to remain with our current lender, maintain the term and change from the current interest rate of 3.15% to the <=50% LTV rate of 2.75%? This would also potentially allow me to make more regular overpayments greater than 10% if I was in a position to do so,
Look forward to hearing your thoughts
I am 6 years into a 35 year mortgage but due to monthly and lump sum overpayments this is reduced to 20 years. I am planning on reducing this to at least 15 years by another upcoming lump sum payment.
If we switch to another lender on a fixed rate am I reducing the term, our options and flexibility? As it stands we could potentially take a mortgage holiday if I was out of work etc.
Would it be a smarter option to remain with our current lender, maintain the term and change from the current interest rate of 3.15% to the <=50% LTV rate of 2.75%? This would also potentially allow me to make more regular overpayments greater than 10% if I was in a position to do so,
Look forward to hearing your thoughts