Re-mortgage the final years

tidyfinance

Hi everyone,
Would appreciate a bit of guidance regarding my mortgage please.
I have a lifetime tracker with Barclays with 50k left and 5 years until the end of term. I am 58 and in secure full time employment with a good salary. No other debts.
My thoughts are do I move my tracker somewhere else (currently 2.4%) or indeed change from my tracker to another kind of mortgage which might well give me a lower monthly repayment that could help to overpay and reduce the remaining years? Obviously at this stage of my mortgage around 10K per year is coming off as its now at the stage wher I'm not paying the interest, it's just the capital that is being reduced. I pay £970/month.
Surely I'd be better off moving this mortgage?
Any thoughts please? Thank you.

pennystretcher

Depends the cost of moving the mortgage as they may outweigh the lower interest rate. Always worth checking the deals with your current lender and ask if they do no-fee transfer to a new deal.

I did this when my offer period finished and I managed to get a lower interest rate I was on and there were no costs in changing the deal..incidentally I am on only marginally lower interest rate than what you are at the moment. However, I have no overpayment charges on the new deal so fully expect to pay off mortgage when the deal finishes.

enjoyyourshoes

You could look at maximising Regular savings accounts earning 5-6% APR instead of overpaying. (Your mortgage rate is below that so you will gain in accrued interest)

These RS are often annual renewable accounts, so depending on the financial situation come maturity you could either put in high rate current account or set up multiple RS using the pot to fund as many as you can register for or pay off chance mortgage(if penalty and interest rates make it viable)

tidyfinance

Or, of course I suppose another option might be to move the mortgage to a lower rate and different provider where I might be better off by paying less per month? Taking into account any fees for moving of course. Wifey has mentioned this option.
Do we think this is a good idea as a different option to overpaying?
Again, many thanks in advance.

pennystretcher

hi tidyfinance,

did you decide whether to OP or remortgage? Hope things are working out well for you.