Soldato
Hi all.
I'm coming to the end of my 2 year fixed term mortgage with my current mortgage provider I can get a new deal 3 months before the 2 year term is up.
I just called them to discuss my options, currently my APR is poor at 4.39% but this is due to me only putting 5% down on my first mortgage.
I have spoken to my provider and as my property has increased in value by 11% since buying it (according to them - I wasn't expecting that) and I have been making overpayments each month my current LTV is now in the 80-85% bracket.
They have given me a new rate of 1.44%.
This has significantly reduced my monthly payment, I have accepted and this is being processed now. I plan to make the payments that was my standard repayment at 4.39% leaving the term the same, but manually overpaying each month - this is just below the cap per year so no fees or charges are made.
This means my 28 years remaining will drop by 96 months / 8 years.
I'm currently buzzing my **** off!!!
My long term game plan was always to have my mortgage totally cleared in 15 years - original term was 30 years, taken out December 2015. I'm very much on target to continue this!
I'm coming to the end of my 2 year fixed term mortgage with my current mortgage provider I can get a new deal 3 months before the 2 year term is up.
I just called them to discuss my options, currently my APR is poor at 4.39% but this is due to me only putting 5% down on my first mortgage.
I have spoken to my provider and as my property has increased in value by 11% since buying it (according to them - I wasn't expecting that) and I have been making overpayments each month my current LTV is now in the 80-85% bracket.
They have given me a new rate of 1.44%.
This has significantly reduced my monthly payment, I have accepted and this is being processed now. I plan to make the payments that was my standard repayment at 4.39% leaving the term the same, but manually overpaying each month - this is just below the cap per year so no fees or charges are made.
This means my 28 years remaining will drop by 96 months / 8 years.
I'm currently buzzing my **** off!!!
My long term game plan was always to have my mortgage totally cleared in 15 years - original term was 30 years, taken out December 2015. I'm very much on target to continue this!