need advice

hoola_hoop

i am new to this site and would like some help ,i have a mortgage with barclays/the woolwich 24yr 1mth left ,i am currently on there base rate plus 0.17% as i wanted to be able to pay more as and when i can, is this a good deal ? as i have read about so many and am now confused ,as of today i have a balance of £45,181.11 and have just set up to make overpayments of £100 per month for as long as i can ,my mortgage payments will be kept the same at £295 many thanks

koexelek

5.17 % is an excellent rate.

On some of those Woolwich trackers you can overpay as much as you like, on others it is 10% of your outstanding balance per annum.
Check on your mortgage offer if you are not sure. It will tell you there.

Locoblade

Is it a Bank of England tracker at +0.17% or a variable rate at +0.17% above your lender's own rate? If the former then you probably won't find anything as good as that now, if the latter then you might find something better.

Are you coming up to the end of a fixed / introductory period then, or is this a lifetime rate? If the latter and it is a tracker, then there's no need to worry about it at the moment.

hoola_hoop

many thanks i can overpay by as much as i like/can afford, its a variable rate +0.17% and i believe it is a lifetime rate,so i take it that all should be ok for now and stay where i am.