Help required as can't work out best deal...

UKroseblue

Hi

I'm hoping someone could offer me some advice please.

I have a tracker (+1.24% on BofE) mortgage with Halifax which is coming to an end next month. I have adverse credit and will be staying with Halifax so called them for details of my options...

They have listed various deals I could go on to but some have fees attached, some don't and I'm not sure of the best deal really.

I know it's all a bit of a lottery but if I post the rates, I hope someone could point me in the right direction please...

Fixed:

• 2yr @ 3.79% £999 fee or 4.29% no fee Monthly paymt - £308/£314
• 3yr @ 4.39% £999 or 4.69% no fee Monthly paymt - £323/324
• 5yr @ 5.49% £999 or 5.79% no fee Montly paymt - £351/352

Tracker:

• 2yr@ 2.49% above £599 fee Monthly paymt - £286
• 3yr @ 2.94% above £599 fee Monthly paymt - £287

or go on to variable rate of 3.5% - monthly payment £299

I currently pay £256 on a repayment mortgage.

I don't have loads of spare cash so would prefer to keep payment as low as possible but am confused as the best thing to do so I hope some of you guys don't mind making some suggestions?

Cheers in advance :beer:

Peelerfart

Well we can start by dismissing paying fees on the fixes straight away as you would not get your money back.

If money is tight then chose a fix - how long for is a more difficult call

UKroseblue

Sorry, shameless bump - still confused!

Dom3663

Fixed:
2yr @ 3.79% £999 fee or 4.29% no fee Monthly paymt - £308/£314
3yr @ 4.39% £999 fee or 4.69% no fee Monthly paymt - £323/324
5yr @ 5.49% £999 fee or 5.79% no fee Montly paymt - £351/352

Tracker:
2yr@ 2.49% above £599 fee Monthly paymt - £286
3yr @ 2.94% above £599 fee Monthly paymt - £287

I dont understand here how the 3 year on can be nearly .5% higher, but only £1 more ??? The 2 year one seems like a dud?

or go on to variable rate of 3.5% - monthly payment £299

Forger the bold ones. Even though the payments are cheaper it would take 1000 payments for the fees to be worth it, or 167 payments on the 2 year one.
BoE rates can only rise in the near future, and personally I could not take the risk of this happening so trackers would be out of the question for me.

So that leaves a choice of 2/3/4 years.
The 3 year mortgage is going to cost you £240 more over the first 2 years, but it gives you an extra year of (what will surely be in 2 years time) a low interest rate.
To me the 5 year isn't worth it.
So to me its a decision between 2 year and 3 year fixed

getmore4less

UKroseblue wrote: »

Sorry, shameless bump - still confused!

Take each deal and add the fees.

Pay each at the highest payment and see how much is left after 2/3/5 years.

How much are you borrowing that will make it easier for others to work out your deals.

UKroseblue

getmore4less wrote: »

Take each deal and add the fees.

Pay each at the highest payment and see how much is left after 2/3/5 years.

How much are you borrowing that will make it easier for others to work out your deals.

Oh ok, sorry. My o/s mortagage is £54000 over 17 years.

Thanks for the replies so far.