Mortgage advice

flamingo007_2

Hi there,

I have mortgage with Halifax- 2 product in exact.
They both tracker-
First product is currently at 3.54% and will go up to 3.99% in November which is halifax standard variable rate.
Second product is currently at 1.39% and life time tracker. - It will go up only when bank of england rate goes up.
Total loan is -£350,000.My house is in London and when I bought it, cost me £630,000 last 3 years ago. Don't know how much it worth now.My questions are-
1. Should I change the lender when first product rate goes up to 3.99% in november. Bearing in mind I have to change for both product. So far can't find any which is cheaper then my current lender.
2. I have saving of 70000 and not sure whether stay with halifax and change to offset mortgage.
I appreciate your advice.

Thrugelmir

There's no benefit in losing in the lifetime tracker rate.

So the question is can the Halifax offer you a better rate than 3.99% on the other product. Have you asked?

Also if you can't beat 3.99% (or any rate offered to you) on your savings. Then overpaying this part of your mortgage makes financial sense.