Fixed rate ending - what next?

kodokan

ccprincess wrote: »

I am new to this forum so hope I am requesting advice in the correct place.

Our fixed rate mortgage is due to end in October

We have only 5 years remaining before retirement.
We owe £27,000 and have a possible £13,000 that we could use towards paying off mortgage,
Existing lender will not let us take a fixed rate over the remaining 5 years.

Advice please
do we go for an off set mortgage?
Tracker mortgage?
Use our £13,000 to reduce mortgage? (we still have a small reserve fund)
or take out the £27,000 mortgage somewhere else

Thanks

Some (all?) lenders won't be interested in giving you a good deal on a tiny mortgage, so it's perhaps not a good idea to use your £13,000 to reduce it.

kodokan