Chelsea cashback mortgage?

cheghead

When my fixed rate on my mortgage ends I'll owe £25000 with 10 years left to pay. (I believe this is the lowest nearly all lenders will allow you to borrow)? If this is the case can any1 offer any advice on what mortgage to take out. The Chelsea cashback would give me £1500 but would have 5yr tie-in. As it would be unlikely I would remortgage again would this be a good deal?

MarkyMarkD

If you're reaching the end of the competitive remortgagability of your loan, shouldn't you be considering one of the following:

(a) a lender with a long-term low rate; or
(b) a lender which allows existing customers to switch to other products.

You'd have to check whether the usual minimum loan amounts (e.g. £25k, as you suggest, which often applies) applies to product switches as to new loans.

Your Chelsea suggestion seems to imply you'll take the cashback and then stick with them (on SVR?) for 10 years. I'm not sure that's a particularly wise idea.

paint

A number of lenders (including Britannia, but quite a few others) are offering 4.99% fixed for 10 years - not the best short term rate, but long term in my opinion pretty good and you wouldn't have to re-mortgage. Would it be worth maybe looking into a long term fix similar to this for the remainder of the mortgage?

cheghead

Thanks for replys..have to work out overall costs but the Britannia looks a good deal!