Advice on Paying Off Mortgage

canttakeitwithyou

Hello All
I am currently in the process of organising my finances and on paper all looks good! I have 3 mortgages £73000 4.84% until 2015, £18300 5.4% until Oct 2009 and £7200 4.83% until Oct 2010. My first task is paying off credit cards and loans which snowballing correctly I have worked out to be August 2011.

Once all the non mortgage debts have been paid off I am hoping to significantly pay off the mortgages. My question is this:

2 of the mortgages will come to the end of their fixed rate period before I am in a position to pay them off - what advice do people have about renewing the mortgages bearing in mind I hope to repay them swiftly. (I have snowballed the mortgages and if I can keep to the repayments I could repay in 7 years.) Whay type of mortgage over what period etc? Any thoughts would be appreciated. Thanks

Welshlassie

Sit tight and do nothing with your mortgages until they are are coming to the end, no-one is able to predict what is going to happen next week, never mind in 2-3 years time.
You will probably go onto the SVR when each of your mortgage deals ends, which currently is probably around what your current rate is or possibly even less (putting you in a better position), so unless the interest rates have started to go up again by then, you would be better off.

When you do then decide to remortgage (try and do it so the 2 coming to the end soon can be done together) look for a flexible mortgage that will allow overpayments, possibly an offset mortgage. At the moment its difficult to predict what will be a good deal.

Good luck with paying off the debts though, you'll be well placed to pay your mortgage off nice and quickly when you done those as you'll already be in the swing of things.