Which Mortgage?

bmoneywise

Hello,

I am currently looking to remortgage on £89,000.
I want a low a rate possible mortgage, but I also want to ability to overpay any amount. If I go for a 5 year fix then I am trapped by only being able to pay off 10% for each year for 5 years.

Any idea which type of mrtgage would suit me. I don't have a lot of savings so offset account probably not really viable.

Thanks

TrickyDicky101

Typically, all fixed rate mortgages will carry ERCs. Frequently, trackers allow unlimited overpayments. Have you discussed options with an independent mortgage broker?

pjread

If you're not realistically going to be pushing 10%+ per annum overpayments, then don't worry. If you are, then I would probably look at shorter term products or maybe a lifetime tracker.

Speaking to a broker probably isn't a bad call if you don't know what you want/need. But if you are looking at big overpayments, it doesn't sound like you need the "insurance" that a longer fix effectively is.

Let_Us_See

bmoneywise wrote: »

If I go for a 5 year fix then I am trapped by only being able to pay off 10% for each year ............................I don't have a lot of savings so offset account probably not really viable.

If you are not in the habit of saving, what makes you think a 10% per annum capital repayment facility is insufficient? In practice this gives you the option of repaying your mortgage within ten years.