Re-mortgage - running out of options?

ganetplanet

I have a mortgage with Santander
- ends April
- currently on 2.39% fixed - payment £845mth
- term *11 years *
- female * 59 *
- property value approx £250,000+ £94,000 left to pay
* Because of above two factors repayment never decreases more than £10 per re-mortgage.

Are there any offers out there better than the one Santander are offering me at the moment

2.09% fixed 2 yrs - no admin charges = repay £832

Government job - projected 25% cut in workforce makes me nervous but then so does having to sell my home !!

Would welcome any pointers or help - thanks in advance

Strummer22

If there are any offers better than Santander's, you could find them by plugging your remortgage terms in here:

https://www.moneysavingexpert.com/mortgages/best-buys/

Obviously so much depends upon your personal circumstances, but a cursory check using the figures you provided suggests monthly repayments of £752 are possible - but that's on a variable rather than fixed rate and admin charges apply.

However there do certainly appear to be better deals even among those with low admin fees. Santander may well be losing your business soon!

ganetplanet

Thanks Stu,
But try as I might I can't get anywhere near your £752 on the link.
All have substantial set-up fees which sort of cancels out the lower monthly payment, doesn't it ?

Strummer22

ganetplanet wrote: »

Thanks Stu,
But try as I might I can't get anywhere near your £752 on the link.
All have substantial set-up fees which sort of cancels out the lower monthly payment, doesn't it ?

Alas, the fees do cancel out the benefit of low payments.

I'm surprised you're not seeing better deals. Sorry for long link below:

https://www.moneysavingexpert.com/mortgages/best-buys/?page=results&pageNumber=1&mortgagetype=REMORTGAGE&amountborrow=94%2C000&propertyworth=250%2C000&repayyears=11&producttype%5B%5D=FIXED&producttype%5B%5D=TRACKER_BBR&producttype%5B%5D=DISCOUNT_VARIABLE&producttype%5B%5D=STANDARD_VARIABLE&banks_filter=&providerFilter%5Bbank%5D%5B%5D=-1&building_societies_filter=&providerFilter%5Bbuilding_societies%5D%5B%5D=-1&productlength%5B%5D=1&productlength%5B%5D=2&productlength%5B%5D=3&productlength%5B%5D=4&productlength%5B%5D=5&productlength%5B%5D=10&productlength%5B%5D=-1&resultsOrder=MortgageFees

Have I entered anything different to you?

Thrugelmir

Take the 2 year fix and overpay. At the very least you have a saving on your current mortgage payment.

By the time you pay pay mortgage exit fees, valuation fees and legals fees, along with possibly product fees to remortgage. You'd need to find a highly attractive rate to make it worthwhile.

As your mortgage balance reduces it will become even harder to find deals worth remortgaging too. Make hay while interest rates remain low.