Short term ,fixed re-mortgage.

pink_pirate

??I have 7 years left on my fixed mortgage, and are currently with Halifax on a rate of 5.99%, Owing approx 16k . Whereby hangs the problem as to where to go as my fixed term is ending soon, does anyone know of the best route to take to pay off this small sum ? Go or stay???

MarkyMarkD

It will be hard to make a material saving on such a small mortgage over 7 years. Many of the best buy lenders won't lend under £25k so won't be interested. If you do switch, you obviously want to choose a product with no fees and remortgage costs paid back, as the extra bit on the rate will cost you next to nothing.

Whilst Halifax are renowned for not offering very good value product switches to existing customers, it is still likely to work out better value for you over the short period and amount you are talking about.

Given the small amount, and the short term, I would go for a long-term (probably 5 year) fix rather than faffing with 2 year products. 5 year rates are very good at the moment in any case. Or a 5 year discount for that matter!

pink_pirate

;D Marky, thanks for the advice and info. Much appreciated,God its a minefield out there!!