Mortgage Advise Needed Please

mikeopvc

Our fixed rate period ends on feb 28th and my wife and I are not sure what to do.
Our house is worth £180k and we owe £147k in total split into 2 parts, £117k is at 5.59% with the other £30k on a tracker at BOE base rate + 1.34%
The £30k is ok as it is but the £117k deal is about to end which would put it at 4.84%, Bank Of Scotland SVR
We will obviously have a small reduction in payments which is good but the rates surely won't stay this low for long and we will probably start to see the SVR increase along with our payments.
We have the option of fixing the £117k for 3 years at 4.89% with a product transfer with BOS. This seems to be the easiest thing to do as it's less hassle than trying to remortgage (I think).

any advice welcome

thanks

Mike

[Deleted User]

It would appear to be a good offer considering your LTV is sitting at 82%, a level where many lenders appear to offer less desirable deals.

Have you considered or been offered a deal to combine the two mortgages into one and maybe even consider fixing for a longer time period ?

mikeopvc

the_bandit wrote: »

It would appear to be a good offer considering your LTV is sitting at 82%, a level where many lenders appear to offer less desirable deals.

Have you considered or been offered a deal to combine the two mortgages into one and maybe even consider fixing for a longer time period ?

Since the £30k is on a tracker at 1.34% above the BOE base rate I assumed it would be fairly safe to leave that as it is, or am I being naieve?
I'm not really clued up on the whole mortgage and rates theme so am open to any suggestions really.
After reading these forums for a while now I planned to spend the next couple of years trying to reduce my balance with as many overpayments as possible.
Do you think consolidating the lot and getting a longer deal is the way forward?

thanks

Mike

mikeopvc

is 4.89% for 3 years a good deal or will I end up coming out of it into a high rate, My wife thinks maybe we should wait to see if the rates go down again but surely they won't will they?
Even if they do what are the chances of BOS improving their products?