***Outside help needed on choosing our new mortgage product.***

nick_rogers24

Hi all,
We could really do with some help from an outside party, just to help us decided which option to take now our Fixed mortgage has came to an end.
Ive been looking and looking at it but its all just blending together now, need a clear prospective.
right here we go,
We have our mortgage in 2 parts because we moved house before our fixed deal had ended, so we took out the extra borrowing seperate on a different fixed deal.
the first part we owe: £56844 (with 15 years remaining)
the second part we owe: £109996 (27.6 years remaining)
Our house is worth £230000 and we have a 73%LTV
Now we are looking at reducing the years off the second part of the mortgage so we can pay it off early. Both fixed deals came to an end this month so from next month we are on the variable rate and will save about £200 per month.
I have called our mortgage company and been given the amount we would pay if we reduce the years off the second part of the mortgage if we take their 2 year tracker (3.29%) or their 2 year fixed (3.85%).
The product fee for both of these is £200 plus £35 for reducing the year
We have been thinking of going with the tracker.
Now my question is should we take this out now or should we wait a couple of months and save the money we would have paid to the mortgage and put this towards the product fee or should we just go ahead with it now in case the base rate goes up? My thinking is, if it goes up, even if we do it now we will still have to pay more per month anyway?
Also the payments per month on this tracker are £1180, how much will the base rate go up if and when it does (is it due?) and how much would this affect the £1180?
If I have missed anything please let me know and I will update it.
Thanks very much in advance for your advice.

ViolaLass

Does the tracker allow you to overpay without penalty? In which case, I would keep the monthly payment lower and overpay when you want, giving you more flexibility.

shortchanged_2

Is that the best tracker rate you can get for your LTV?

Is there any reason why you cannot change to a different provider such as defaults etc?

For example Yorkshire Building Society has a 2 year tracker at 75% LTV at 2.29% above base rate.

Senior_Paper_Monitor

***Outside help needed on choosing our new mortgage product.*** - a mortgage broker/adviser ?

nick_rogers24

Thanks for the replies. I'm not sure on the overpayment option but I'll look into it. I don't really want to change provider at the mo. I'm self employed and it was a nightmare when we firstly got the mortgage and don't really want the stress again.
Do you think I should wait a couple of months then?