MovingOnUp
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Total cost of the house was 290,000. Of this I had saved 89,000. I borrowed 201,000 at a 5 year fixed interest rate of 3.7% hence the total amount repayable is, 310,000.
At the time of purchase my LTV was 69%.
I have since made monthly repayments of 20,558. If possible would somebody mind confirming what my equity in the house is?
I have since made monthly repayments of 20,558.
My plan was to wait until 2028 when my fixed rate expires and then take action.
I intend to continue with my pension contributions at there current level regardless, I just will not add in additional AVC for the next 3 years as will need a cash lump sum for the domestic situation.
The fixed rate term should not be a factor in your decision. You can sell your house and clear the mortgage now if you wish. You will have a break fee, but it should not be very big in the grand scheme of things.
Is your partner earning? If she is taking time off to mind the baby, you might be better waiting until she is back at work and earning to apply for a new mortgage.
If you were married, you would be able to use her tax credits and cut offs while she is on unpaid maternity. This is what Brendan was referring to the registry office for.My partner is a nurse so wouldnt earn as much as me unfortunately, she would only be on about 50k and will be on maternity leave for a year or so.
You expect to spend the money in around 5 years time. That is too short of an investment period to put it in the stock market. Your best option would be high interest bank accounts.Any suggestions for the money I will be putting aside for the next number of years?
a 5 year fixed interest rate of 3.7%
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