Not remortgaged for 5 years is it time to go

TallGirl

Hope you will be able to help me we have a small mortgage and I really want to find out if I can get a better deal. I have tried to do the offset calculations but not sure if I am doing it right.

Current Mortgage: Woolwhich offset trace BOE Base rate + 0.75 = 6%
£47,000 paying £1000 a month
Savings Offset about £7000
Wages going through current account about £3700

I had a look at Eggs deal but that seems to be 6% as well so really it would not be worth swapping although they can off set too.

Looking at the fees invovled for discounted rate I am really not sure it would be worth it.

Is there any other deal I should look at bearing in mind we want to pay the mortgage off as soon as possible currently looking at 5 years so long tie in would not work for us.

chivers1977

Woolwich do a cheaper offset product if you just wanted to switch. the fees would be £795 so you might not think that this is worth it for you.

TallGirl

Thanks Chivers they did say that to me but the best rates seemed to be fore people with mortgages over £50,000 so that was no good.

I was just wondering if 6% is a good deal or if there is something getter like discounted or fixed (not sure they do them now)

toonfish

TallGirl wrote:

Thanks Chivers they did say that to me but the best rates seemed to be fore people with mortgages over £50,000 so that was no good.

I was just wondering if 6% is a good deal or if there is something getter like discounted or fixed (not sure they do them now)

you could borrow £50,000 and pay what you don't need straight back to get the better rate

silvercar

coventry do fixed rate offsets, the rates are generally competitive. I'm paying 4.99% fixed for 2 years, though I doubt they are still offering that rate now.