The One Account

SPARKLYBLUE_2

Hi! have been tied in to a mortgage rate for last 4 years and now I'm free! still got £58,000 to pay back over 21 years!!! anyway have been having a look at the mortgage shrinker, this looks good to me and will save me money, well at least my monthly payment will decrease, have also been using a host of mortgage calculators, but to be trueful all I'm going to save is £10 a month, not really life changing eh? so I would be grateful for any help, my mortgage payments are £415 per month can't really afford much more, any advice would be really welcome, thanks in advance.

Joe_Bloggs

A Nationwide lifetime tracker @4.68% for 21 years would be £362 per month. Overpaying by £38 per month would knock 3 years of the term of the mortgage. This is not a recommendation for a specific product but an illustration of what is out there. Offset mortgages are not useful unless you have significant quantities of money to offset.
J_B.

jonnydoe

Blimey Joe that is a good offer, at present I've got an Abbey flexible at 5% life of mortgage (£499 setup fee) I thought that was pretty good (5.5% apr).

Whats the setup fee?

It's ok found out from website £399..

SPARKLYBLUE_2

mmmmm thanks a thought, thanks JB, didn't know you could get a lifetime tracker, I'll look into that one. Anything to save a bit of dosh!

Tassotti

you won't be saving dosh if interest rates rise

madsamuri

rrrrrrrrrrr rrrrrrrrrrrrrrrrr rrrrrrrrrrrrrrrrrrrr

Wyndham

It depends how you want to do it and what is important to you. There are some good rates out there, but often have high set up fees. But, if you want certainty, look for a fixed rate deal so you know what is going out each month and it can't change - though you may decide that the set up fee (which can be high on these sort of deals) isn't worth it and you won't save. If you do go for it I'd advise you to fix for as long as possible, as it seems likely that base rates may rise in the near future, making any deal you get now actually better.

But - base rates are not an exact science, and I may well be wrong!!

If you don't mind rolling with the rate changes, you can get far better deals than 5.5APR, so should look into it. There are several comparison sites you can use, and Martin has a mortgage guide which I suggest you download and use as he explains all this far better than I can.