to fix or not to fix

haras_nosirrahharas_nosirrah Forumite
2.2K Posts
I have £20k on one part of the mortgage that is about to go onto nationwide variable at 3.99%

They are offering a 2 year fix at 3.19% with no fee and £300 cashback

Am trying to clear this bit of the mortgage in 2 years (currently at 7 years and overpaying £500 a month) so am wondering whether to fix this bit and set at a term of 2 years or to go onto variable and have the freedom to repay as much as I want rather than the £500 a month maximum.

Any thoughts?
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  • Sepa74Sepa74 Forumite
    962 Posts
    Hi, I would see if they would shorten the mortgage term to 2 years. This would require you to pay slightly more than you are paying now, but it would get rid of it in your 2 year time frame.

    Alternatively, if you want a bit of flexibility to not overpay every single month for the next two years, ask them to shorten it to 3 or 5 years. This will increase the monthly repayment, so your repayment allowance lets you go repay more in total when you want to.

    Does that make sense?
    Borrowed £150,000 in an offset tracker mortgage in May 2007 - MFD May 2041 (67)

    Jan 2012 - £125,620.02 / 2,913.87 / Nov 2032 (58) :beer:
    Apr 2012 - £122,901.88 / 3,170.91 / Jul 2032 (58)
    Jul 2012 - £122, 589.02 / 3,507.99 / Sept 2032 (58)
    Oct 2012 - £120,476.31 / 3,889.42 / July 2032 (58)
  • originalmiscellanyoriginalmiscellany Forumite
    1.7K Posts
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    Well said Sepa74 :) I agree.
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
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