Holy thread Hijack .. can i jump in on this to get some feedback as my fixed term is due to end Dec 18 and sadly I don’t really have anyone to talk to about this type of thing ..
Purchased 265k Apr 17 with 2 Year Fixed through Coventry on 25 year term
MIP Dec 16 Repayments 1065 PCM which is about 1/3rd of take home including Commission after pension deductions and about 45% of my total outgoings
I have put 20k into renovating and still have another 5k or so to go and the area has appreciated so hope to realize 280k as value and will have 225k Remaining balance giving around 80% LTV
My job is as stable as I guess we can all hope for and should get a significant increase in basic salary Jan 19.
I am however at present holding no cash reserves due to purchase and refurb which is a massive concern.
Was looking at 5 year fixed 2.19% but extending term back to 25 years which would reduce repayment to around £950 .. My intention is to finish renovating / pay of credit accounts (2k) By December and then focus on putting 10k away for a rainy day by latest July 2020 and then focus on making over-payments (10% of remaining balance allowed) to reduce balance of mortgage before reviewing.
Thanks in advance for any thoughts.