remortgage advice needed

irsa

We took out a halifax tracker mortgage 2 years ago on a shared ownership property valued at 155k. our share was 50% making it 77500. we paid a deposit of 27500 and took out mortgage for 50000. we are currently paying £297 per month. our two year rate is coming to an end and our monthly payments will increase, so im looking to remortgage. which is the best deal available. is it best to take out a fixed rate mortgage. i also have managed to save £5000 which i also want to put in and hopefuly lower my monthly payments a liitle bit more. can anyone advise what to look for and where.
thanks

regularsaver1

approach your existing lender first to have a check at what they are offering

becausee you are shared ownership - not ever lender offers these mortgages

irsa

ive contacted halifax and they have given me some quotes if i switch with them. they have offered 3 deals, tracker at 6.39% monthly payments would be £329, fixed at 6.39% for 2 years again monthly payment would be £329, or a fixed rate of again 6.39% for 5 years. there would be an arrangement fee of £49. Apart from this there are no other fees involved and the procedure is straight forward. is it advisable to go for the 5 year fixed rate. during the last two years on my tracker we,ve had two interest rate rises. so im not sure what to do now. any advice would be much appreciated.

regularsaver1

I'm afraid we can't advise you here