We are re-mortgaging for the first time,but are unsure whether the offer is based on 10% of the capital owingQ We are approximately to re-mortgage for the first time. Our goal is to pay our £170000 mortgage off as efficiently as possible, opting to switch to a mortgage with a 20-year term, or rather than the 22 years left on our current mortgage.
As our house is valued at £250000 we have been offered two very appealing rates. We can either go for a repayment mortgage with a fixed rate of 2.89% for five years or a 10-year fixed rate of 3.89%. Whichever we go for,we can execute penalty-free monthly overpayments of up to 10%.
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Source: theguardian.com