Would this make sense to remortgage?

jrs101

Hello all,

I am on SVR of 4.99%, can overpay whenever and owe about £148000. LTV is about 65-75% and am with alliance & leicester.

Ive been offered with current lender:
2yf 3.99% no fee
3yf 4.24% no fee
2y tracker 2.99 £499 fee

I have about £60K savings - is an offset worth it?

many thanks

Thrugelmir

What rate of interest do you earn on your savings?

jrs101

Thrugelmir wrote: »

What rate of interest do you earn on your savings?

Hi Thrugelmir,

The rate is 2.50% aer

getmore4less

Are any savings in ISAs? this use a use or lose allowance.

What sort of surplus income will you have over the next few years and after the mortgage is clear that may influence the best option.

Since you can take a rise in rates(big buffer fund) the First direct offset tracker on 65% LTV might fit your needs so worth a comparison against the option on the table so far.

Some offsets allow ISAs so this is another option to look at if you feel an offset may be suitable..