Life Time 80% LTV Fixed 5.75% Remortgage

Marple4848

Through a credit union at my work they are offering a life time fixed deal at a max 80% LTV at 5.75 % with a £750 arrangement fee and no early exit penalty.
Is this a good deal?
I have a £180k mortgage split £90K interest only and £90k repayment with 22 years left with NR at SVR 4.75% (?).
In 9 years I will receive a lump sum of £125k and a pension of approx £1200 per month net. I will be 52 then but intend to carry on working.
I want peace of mind in the next 9 years upto receiving my pension and I'm concerned that as soon as the BOE increase interest rates NR will push up their SVR.
We are borderline with the LTV..our neighbours recently had their house valued at £230 - 225K and ours is at least of the same standard.
I would require our house to be valued at £225k.
Any thoughts welcome.

dimbo61

You cant retire at 52 ( unless you are in a special ! job) as most pensions will not start paying until you are 55 ( government change so check with your pensions people).
You do not want to be using your lump sum to clear you mortgage balance in 9/12 years time.
You need this money to live on ( in comfort) until you get your state pension at 65
It you have a 75% LTV the coop have a 5 year fix at 3.99% ( fee £999)
Why does this life time fix have no early ERC,s ????
You are looking at £1575 a month to repay the mortgage over 12 years with the 5 year fix.
Are you going to stay with the same employer !

Marple4848

dimbo61 wrote: »

You cant retire at 52 ( unless you are in a special ! job) as most pensions will not start paying until you are 55 ( government change so check with your pensions people).
You do not want to be using your lump sum to clear you mortgage balance in 9/12 years time.
You need this money to live on ( in comfort) until you get your state pension at 65
It you have a 75% LTV the coop have a 5 year fix at 3.99% ( fee £999)
Why does this life time fix have no early ERC,s ????
You are looking at £1575 a month to repay the mortgage over 12 years with the 5 year fix.
Are you going to stay with the same employer !

I can retire at 52 when i leave the police....i draw my pension plus lump sum straight away...it becomes index linked at 55 years...i intend to take on another job at that point to top up my monthly pension of around 1200....the credit union mortgage does ot have any erc`ss but i cant tell you why!!!
I cant afford 1575 monthly and im happy to keep paying a mortgage until im 65 (22 years )