Deal for less than 24 months?

Millstar

Hi. Our fixed rate mortgage deal has just ended and we have been put on a higher rate of 3.99. With 16 months left on the mortgage I can't seem to find anyone who offers a deal of less than 24 months. Do we just have to suck up the extra cost for 16 months? I have thought of everything I can from a personal loan to taking out a 24 month deal (which we really didn't want to do) to save money but I have drawn a blank so far. Anyone been in this situation themselves with an answer? I love to save money!
Thank you!

Lisa35_2

How about looking for a 24 month deal with no charges for overpayment? You can then still repay within 16 months while taking advantage of a lower interest rate.


For example I'm currently on a two year tracker which had no fees to set up and allows unlimited overpayments including paying off the entire mortgage.

getmore4less

How much do you owe.
over 16 months the rate does not make a lot of difference unless you owe a lot on interest only.

a rate of 1.99 saves less than £150 per £10k on repayment.

often a % purchase CC can work just throw all normal spends at the mortgage soon comes down.

Thrugelmir

How much interest are you going to pay in 16 months?

To save money overpay by whatever you can then the mortgage will be repaid quicker.

Millstar

Thanks for the replies. We only owe 12K, but money is really tight at the moment so anything I can save no matter how small is a great bonus to us and overpaying is not an option unfortunately.

getmore4less

with that sort of amount owing your only real options would be retention deals anyway.

any CC transfer deals comes with fees which eat into the saving.

Longer term 0% purchase CC is probably the best way to spread it out and improve cashflow.