S
STONEMAD
Guest
Hi,
My DH and I have a mortgage on our house of about 80 K. This was stupidly fixed for 10 years at 6.8 %, due to advice we received at the time and we didn't have much money and were worried about interest rates. There are five years left to run on this fixed rate. The charge would be about 5 k to get out of the fixed rate, which equals one years interest. We are also after getting planning on a family site which we will pay 50 k for. I don't like the idea of paying two mortgages and would like to use our SSIA's and savings to pay off this morgage and only have the one mortgage. I don't have the cost of building the second house as we plan to build it ourselves as we did with our current house. With interest rates rising is it better to use the money to put into paying for the second house. Sorry if I'm not making sense, this is my first post.
Thanks
My DH and I have a mortgage on our house of about 80 K. This was stupidly fixed for 10 years at 6.8 %, due to advice we received at the time and we didn't have much money and were worried about interest rates. There are five years left to run on this fixed rate. The charge would be about 5 k to get out of the fixed rate, which equals one years interest. We are also after getting planning on a family site which we will pay 50 k for. I don't like the idea of paying two mortgages and would like to use our SSIA's and savings to pay off this morgage and only have the one mortgage. I don't have the cost of building the second house as we plan to build it ourselves as we did with our current house. With interest rates rising is it better to use the money to put into paying for the second house. Sorry if I'm not making sense, this is my first post.
Thanks