Re-Mortgage Quandary.

Tromking

I have a mortgage made up from three loans, two of the loans (inc. the primary loan) are currently on the Coventry BS SVR (4.74%) and the remaining one which makes up around 40% of the total mortgage balance is on a full term BOE tracker (0.99%) currently @ 1.49%.
Along with many people at the moment I am seriously considering a fix, I understand with a re-mortgage that I cannot split my loans and fix the loans which are costing me more money and keep the cheaper one, but I`m wondering what others would do in my situation considering that I have 13 years left to go on my mortgage and a LTV of around 65%.
So in short, I`m stuck between wanting to insulate myself from future interest rate rises and perhaps shooting myself in the foot by giving up a lucrative (on the face of it!) 0.99% BOE Tracker.
Any advice gratefully received.

Dave_Ham

Have not got time currently to check specifics, but gut says remortgage away and fix


Well worth having a chat with Cov first though

pjread

No idea if they'd do it, but I'd call the lender and see if you can just fix the SVR balance...

Might not get a market leading rate but probably keeping the +0.99 makes up for that so worth a go?

Thrugelmir

I wouldn't want to lose that 1% above base tracker rate personally.

So would focus my attention on overpaying the 2 other sub accounts.

While you've no control over interest rates. You do have control over the amount of interest you pay. That's the best insulation of them all.

Tromking

Just had a chat with Cov as advised, and they are willing to fix the two SVR loans in isolation. Woohoo!
They've offered me a 2 year fixed @ 2.39% or a 5 year fixed @ 3.19, both with no fees.
The 5 year fixed seems a good idea and if I were to carry paying the same amount as I currently pay every month I could overpay by £60 per month perhaps?

Thrugelmir

Check the product terms and conditions regarding overpayments.

M0ney

I'd overpay on the most expensive mortgage as much as you can.

Tromking

Thrugelmir wrote: »

Check the product terms and conditions regarding overpayments.

In the conversation a 10% limit on overpayments was mentioned I seem to recall. The Key Facts blurb will reveal all I guess.
Thanks for the advice Guys!:)

dimbo61

Just get on the phone to Coventry and ask can you put the other 2 parts on a fixed deal to provide security!