best morgage deal

shymanuk

Hi we have a £24000 mortgage left to pay off, and are on a varible rate of 3.99 with halifax, still have 6 yrs left to pay on term but because we overpay would be more like 3 yrs to clear, looking for a better deal was thinking of 2 yr fixed or a tracker any ideas anyone what would be best ,also will prob change lenders to add my name to mortgage so all done in one go.

Thrugelmir

Given the amount you owe the cost of remortgaging is likely to outweigh any savings made by switching lender. Focus on paying off the debt as quickly as possible.

shymanuk

Thrugelmir wrote: »

Given the amount you owe the cost of remortgaging is likely to outweigh any savings made by switching lender. Focus on paying off the debt as quickly as possible.

but surely a fee free deal and anthing below 3.99 would be cheaper ?

Thrugelmir

shymanuk wrote: »

but surely a fee free deal and anthing below 3.99 would be cheaper ?

Unlikely you would qualify for a free fee deal with no product fees, legals fees or valuation fees. There's no profit in the transaction for the new lender.

Suarez

Why not get a new deal with Halifax. Takes 2 mins online and you should get a rate closer to 2% without any fees.

Edi81

Often on fixed deals you can only overpay by 10% each year. For you this would be £2400.

You would be best to over pay each month on your current deal and be mortgage free sooner.

dimbo61

" on a varible rate of 3.99% "


Think the poster can overpay as much as they like.
I would look on the Halifax website to see what deals they can offer to you as existing customers.


http://www.halifax.co.uk/mortgages/existing-customers/switch-to-a-new-deal/



Mortgages up to £299,999


Term Initial rate Halifax Homeowner Variable rate thereafter For the remainder of the term from The overall cost for comparison is Product fee Loan to value(LTV)Early Repayment Charges until Loan amount2 years2.49%Currently 3.99%31/01/20173.8% APR£00-60%31/01/2017£0 - £299,9992 years2.89%Currently 3.99%31/01/20173.8% APR£060-75%31/01/2017£0 - £299,9992 years3.24%Currently 3.99%31/01/20173.9% APR£075-80%31/01/2017£0 - £299,9994 years3.44%Currently 3.99%31/01/20193.9% APR£00-60%31/01/2019£0 - £299,9994 years3.84%Currently 3.99%31/01/20194.0% APR£060-75%31/01/2019£0 - £299,9994 years3.98%Currently 3.99%31/01/20194.1% APR£075-80%31/01/2019£0 - £299,9994 years4.49%Currently 3.99%31/01/20194.3% APR£080-95%31/01/2019£0 - £299,9994 years4.49%Currently 3.99%31/01/20194.3% APR£095-120%31/01/2019£0 - £299,999

dimbo61

Sorry tried to copy and paste.
Just look on the website ( LINK ABOVE) and you can see the
2 year fix at 2.49% and 4 year fix at 3.44% for your LTV
The deals run to 31-01-2017 and 31-01-2019 so over 2 and 4 years :-)


If it was me I would ask to keep the same payment each month ( overpaying) and overpay by the 10% allowed ( please check this) and maybe mortgage free in 4 years!

shymanuk

dimbo61 wrote: »

Sorry tried to copy and paste.
Just look on the website ( LINK ABOVE) and you can see the
2 year fix at 2.49% and 4 year fix at 3.44% for your LTV
The deals run to 31-01-2017 and 31-01-2019 so over 2 and 4 years :-)


If it was me I would ask to keep the same payment each month ( overpaying) and overpay by the 10% allowed ( please check this) and maybe mortgage free in 4 years!

Hi i think at the rate we are paying at the moment,£695.00 per month we only take 3 yrs to clear, so maybe the 2 yr fixed deal with overpayments of 10% each yr should nearly clear in 2 yrs without to much trouble by keeping payments to the max many thanks for all your help any other advice would be great .

bb69

Have a look at nationwide 2.99% 5 year fix, there is a fee = £3.6% APR

getmore4less

bb69 wrote: »

Have a look at nationwide 2.99% 5 year fix, there is a fee = £3.6% APR

% year fix is not that suitable for a loan tat is likely to be paid off in 3.

APR are meaningless for mortgages.