Fixed rate mortgage - seven years to run - any wriggle room?

StockportGerbil

Hi!
I've got a fixed rate offset mortgage with First Direct. It's for £80000 and I'm currently borrowing around £79000 on it. The rate is 5.29% and it's got seven years left to run. I'm paying on average £340 per month interest only. The house is worth at least £150000.

As I understand it I'm committed to borrowing at least some of the money at 5.29% for the next seven years (it was a ten year deal.)

Is there any possibility of borrowing some more money at a much lower rate that I can use in the short term to pay some of the First direct mortgage off with?

Thanks

Kevin

betmunch

In a word: No

At least no one I know of, but then I dont deal in personal loans, overdrafts, interest free credit cards (could be an option?)

Let_Us_See

How much is the redemption penalty?

dimbo61

Most if not all interest free Credit cards have a fee usually 2.5/3% so not worth doing that.
You could build up your savings in the offset account or overpay the mortgage each month.
You are on IO so you have at some time got to pay off the capital in order to clear the mortgage !!!

rl290

Yes, check out the stoozing section of the site... presumably a 0% balance transfer card (Virgin for example) will work if you have the credit rating to get the card. Once upon a time people were offsetting tens of thousands of pounds by using intro deals... now it's a bit harder