What will interest rates can have remortgage of £ 45.000.?
KPR 10 years I have run on 6.5 rate. £ 21,000 and I wanted to remortgage. I have little debt, but equity of approximately £ 60,000 – What would be the cheapest way remortagaging?
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January 30th, 2011 at 4:53 pm
Likely interest would be £450 per year for every 1% interest.
ie. 6.5% interest would be about £2925 per year or £243.75 per month.
However 6.5% seems a lot to pay. Try the Nationwide discounted mortgage I pay about 0.1% below base rate. This is discounted for two years, then remortgage again.
Hope this is some help.
January 30th, 2011 at 5:05 pm
I pay 4.75% with the woolwich. My mortgage is £58K and I pay £317 a month so yours would be (45/58)x317 = £246 a month for a 45K mortgage.
Shop around though – there are good deals out there.
January 30th, 2011 at 6:04 pm
45000 at 4.99% (clean credit only though) monthly repayments on interest only would be £187.13 – if you have some bad credit you would probably need a near prime product at around 5.17% monthly repayment of £193.88 if you need any more information please e mail me. 6.5% is the standard variable rate and is costing you money.