End of fixed rate - only 15000 owing but no 12 month deals

With such a small mortgage and short term the monetly diference would be around £23 if yoi wee to cut it by half or so, so personally I would not bother doing anything.

There are a couple of lenders who have a minimum mortgage term as 1 year so if you can find them and they can get you a mortgage fee free, as no point of paying any fees here as these will wipe out any savings.

You may want to try a fee free broker here such as London & Country. Although I would not normally suggest using fee free brokers, agian in your situation any whatsoever fees paid would wipe out any savings.

P.S
L%C will then enjoy their £45 or so comission earned of the case )))

SMC0325 wrote: »

My fixed rate mortgage ends in July 2018 and I will have around £15000 left. However at the end if the fixed rate I revert back to the standard rate of over 4% with no 12 month only deals available. Is there a better way to clear the remaining £15000 in 12 months avoiding the 4%

You don't say what the full term is but there are a number of options.

If full term is longer than 2 years take a 2 year deal and do max overpayments.

looking at some numbers

£15,000 @ 4% 1year £1,277pm total interest £327
£15,000 @ 1.75% 2years £636pm total interest £275

10% overpayment say £750pm
£15,000 @ 1.75% 2years £750pm total interest £234

if you only have 1y full term

I would look at a 0% CC if there is one with no fee on a BT that would work or look for a 0% purchase card and stick all spending on that using the cash to pay of the mortgage earlier.

if you have say £500pm/£1000pm spends that can go on the CC on top of a normal 1y payment plan.

£15,000 @ 4% 1 year £1,777pm total interest £241
£15,000 @ 4% 1 year £2,277pm total interest £193

if that was at a lower rate say 1.75% £84 interest

What deals does your lender have?
Some have trackers/discount that have unlimited overpayments

Why do you need to be mortgage free when you retire ?

WHAT WILL YOUR EXSISTING LENDER DO FOR YOU.
Only have 2 years 8 months left on mine. looking to remortgage in April.my lender has been more than helpful. Rate coming down, 2 year fix, reduced term of 2 years, 2 months, keeping payments roughly the same, option to overpay by 10%. I can avoid going onto SVR by doing this.