Life fixed rate?

Marvel1

Hi,

I would like to move to a fixed term for life until end of term, main reason not 2/3/4/4 years is I don't want to pay a £1000 arrangement fee everytime.

Current breakdown:-

Current value of property: £55,000

Remaining balance: £35,073

Years left: 17

Current deal/type: Base Mortgage Rate 2% above BOE, paying £255.12 (I make it upto £400).

I have some questions, as never changed deal/remortgaged since the tracker ended in 2009.

Where is best to look?
Do I need to pay for a valuation?
Do life fixed rates even exist?
Anything I should be wary of?

ACG

I dont think anyone would recommend you taking out a product that has a £999 fee on that size mortgage. Smaller mortgages its usually better to pay a higher rate and no/low fees.

The longest you can get is a 10 year fixed rate.

dimbo61

Not sure if you should do anything!
At your current rate of overpayments you will have the mortgage cleared in about 8 years.
Interest rates will rise in the next 8 years but as you overpay every month this will have very little effect on you :-)

getmore4less

£35k £400pm any rate less than 6.5% paid off in 10 years or less..


Could just stay with the base+2% and keep overpaying total interest less than £3700 and paid off in 97 months(if rates don't change)