I owe 177,000. what is the cheapest repayment mortgage for twenty years?

by , 26 Mar 2012

I would like to know for comparison what the monthly cost would be.


add your answer here

Hi sharonb welcome to the forum
Are you looking for a mortgage deal that will last the 20 years? If it really is the case, then I can't think of any option other than a life time tracker which will give you a cheapish rate now and also an option to remortgage when interest rate starts rising without any penalties.

by HSP, 27 Mar 2012

hi there,

It depends on the value of the property against what you owe. You need to do an overall cost of the mortgage over the rate period you need. For example, if you are looking for a 3 year fixed rate, do an overall cost comparison over the first 3 years of the new mortgage, as its likely you will shop around again in 3 years time for a better deal. This is because you would usually not be tied in financially to the lender after the 3 years is up.

by stratters10, 27 Mar 2012

Personally, if I was in the market looking for a fixed rate mortgage, 2/3 year deals are the ones I would definately avoid as you would most likely be looking for a new deal into an increasing base rate. From my point of view, 5 year fixed deals are the only fixed rate mortgages to consider.

by HSP, 28 Mar 2012
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the monthly cost would depend on the value of your property, and the rate type you prefer. (fixed or variable). like I have said, you need to consider the set up costs as well.

by stratters10, 29 Mar 2012

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