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remortgage fixed 2 year

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SHEILA54
SHEILA54 Posts: 1,829 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
edited 22 December 2014 at 11:20AM in Mortgages & endowments
Hi

I have until July 2018 to pay on my mortgage and am going to come to the end of my fix in a few months with HSBC.

I am paying £960 per month and have a 3.99% mortgage but am 64.

Is there a better deal out there for me, in view of my age? If there is a 3 year fix then, by the time it comes through, there would only be a few months left at a higher rate or I could try to save to make overpayments to shorten the time.

To be honest, it will mean that I can stop working and that would be a blessing as my health isn't so good.

Thanks

Comments

  • Pete9501
    Pete9501 Posts: 427 Forumite
    Tenth Anniversary
    Since you have such a short length of time left, you might take a gamble on interest rates and go for a tracker instead. You should certainly be able to beat 3.99% as they start at 1.99% for own customers.
  • N9eav
    N9eav Posts: 4,742 Forumite
    edited 22 December 2014 at 8:56AM
    I think you have answered most of your own questions. Book an appointment with the Mortgage advisor and see what they can offer.
    I did something similar with Nationwide last week. Got 1.79% tracker over 3 years, No fees. Overpay as much as I want...No ties, so I could switch and fix at any time. Seemed pretty good.


    Why not speak to HSBC, see what their 2 year fixed rate is and reduce you mortgage period to 2 years from 2.5. I presume you have lots of equity and still have a good salary?
    NO to pasty tax We won!!!! Just shows that people power works! Don't be apathetic to your cause!
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Mortgage is around £29100 if you went to zero interests you would save £1600.


    if that 1.99% rate I available payment would drop to £935 and the interest would be £800 so saving £800 over the live of the mortgage.
  • SHEILA54
    SHEILA54 Posts: 1,829 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I got it wrong as it is until July 2018 and the fix changes in 2016. Duh!! Just tired I guess.

    I have a very healthy equity and my income is stable so, other than my age, it shouldn't be a problem.
    I do have early redemption fees though and am not sure if these would apply if I changed mortgage with HSBC?

    Otherwise it seems that Nat West has the best 3 year fix.

    Do you think that mortgage rates will rise much in the next few years?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    SHEILA54 wrote: »
    Do you think that mortgage rates will rise much in the next few years?

    With the balance you owe even if interest rates were to rise. The impact isn't going to be significant. Overpay by much as you able / allowed to would seem the way forward.
  • N9eav
    N9eav Posts: 4,742 Forumite
    SHEILA54 wrote: »

    Do you think that mortgage rates will rise much in the next few years?

    Who can say, but it looks most unlikely while the economy is fragile and inflation low.
    NO to pasty tax We won!!!! Just shows that people power works! Don't be apathetic to your cause!
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