Fixed rate ending - cannot refix as under £25k

virgin_moneysaver

My Fixed rate of 3.59% finishes at the end of this month & as the balance will be just under £19k Natwest said I wouldn't be able to refix as thats only for mortgages of £25k& so I will go onto their SVR which is 4% at present - I wouldn't have wanted to refix straight away as next April our original endowment matures & even though it won't cover all the mortgage I'd be able to pay off 10K - so I supposed my question is

what are my options owing £8000 - can I get something lower than 4% on such a small sum?

Thrugelmir

virgin_moneysaver wrote: »

what are my options owing £8000 - can I get something lower than 4% on such a small sum?

Even if you could fees would outweigh any saving.

To save interest speed up repayment. From next April you could use the money that your currently paying into the endowment policy.

Meeper

On £8000, the difference in the monthly payments from 4% to, say 3% would be absolutely negligible anyway, and as Thrugelmir says, any savings would be eaten up in charges, even if you could find a lender to do an £8k mortgage, which would be amlost impossible.

virgin_moneysaver

thanx for the replies - I had already intended to inc d/d to include the endowment d/d - I thought if I put the mortgage d/d up to £200 in April it should take about 4 years to pay off - I'd also toyed with the idea of putting it on a 0% card that tfs bals to bank accounts once down to a reasonable amount & just pay the £200 off that

getmore4less

Meeper wrote: »

On £8000, the difference in the monthly payments from 4% to, say 3% would be absolutely negligible anyway, and as Thrugelmir says, any savings would be eaten up in charges, even if you could find a lender to do an £8k mortgage, which would be amlost impossible.

First direct do £10k, a few overpayments soon get that back down.