Mortgage deal coming to a end.

mart40

My fixed rate mortgage is coming to an end this month. I have less than £20,000 left to pay and my current mortgage lender has offered me a deal whereby I go onto a fixed rate of 4.19% for 3 years, with no arrangement fee. If I opt not to go with this, I will remain on the standard variable rate, which is currently 4.99%. Any advice would be greatly welcomed.

I am also looking at the possibility of an offset mortgage. Are there any good deals out there and can anybody recommend this? How much in savings would I ideally need for an offset to work for me?

Many thanks.

opinions4u

Try providing the following:

1) How much do you owe?
2) What is the property worth (conservatively)?
3) How much do you have in savings?

Loads of different deals at comparison sites like www.moneyfacts.co.uk/mortgages but hard to help without knowing the above.

mart40

Thanks for the reply. I owe £20,000 on a property worth around £95,000. I have about 2K in savings.

dimbo61

Have you considered reducing the term to 3 years so it finishes at the end of the fix in 3 years time!
This would cost you £592.17 a month over the term and you would be MORTGAGE FREE yipee!!!!