Mortgage advice wanted

firsttimebuyer_99

Hello...Still quite new to this and still looking for advice on mortgages. I'll try and keep it as short as poss, but any advice gratefully received.

Currently on 2 year fix at 5.69% with Natwest, which ends at the end of March. Mortgage has 28 years left to run, currently paying out around £390 per month, and had 50% deposit when we first bought.

Definitely want to stick with a fixed rate - like to know where we are with things, and what we are paying out each month.

Received quotes from Natwest for further fixed rate...

2 year fix 3.59% (28 year mortgage): 312 per month
2 year fix 3.59% (20 year mortgage): 387 per month
2 year fix 3.59% (15 year mortgage): 476 per month

5 year fix 4.89% (28 year mortgage): 361 per month
5 year fix 4.89% (20 year mortgage): 433 per month
5 year fix 4.89% (15 year mortgage): 520 per month

All have £199 arrangement fee.

I am looking to reduce the term of the mortgage since my final bit of debt (other than the mortgage, obviously) will be paid off in March, so will have a bit extra each month, plus annual salary increments. I could comfortably afford any of the above amounts.

My question is basically, are these decent quotations? The way I am seeing it at the moment is that I can effectively halve the term of my mortgage but only pay just over £100 more per month...?

Any advice greatly appreciated...

Thanks :-)

CloudCuckooLand

Go for 5 years.

Have you a decent emergency fund in place? If not, go for 20 yrs, and keep the spare to build up a fund. If yes, go for the 15 yrs.

Nice deal!