alternatives to mortgage?

tellme_why

Hi,
My mortgage fixed period is about to expiry and planning to get another mortgage.

I only left about 5% of the house value to - say about £ 30k.

With this relatively low amount any re-mortgage is killing me with expenses.. YBS for example charge > 1k just for expenses. Under current terms I would have to pay an hefty 4% per year if I want to repay say in 2 years (saving any penny I can!)..

Could you advise any alternative financing for 2 years ?

Many thanks

ACG

Find a deal with no fees.

getmore4less

with small mortgage over short terms rate is far less important.

£30k 4% over 2 years is £1303pm total interest is £1266
(£1266 that's the most you can save.)

if you found a no fee 2% rate the same interest goes down to £615

if you can pay £1300pm then add a 0% spend cc for at least 24months would be one way to help.

a 0% spending CC transferring the normal spends to the mortgage.

say £500pm.

mortgage now becomes £1803pm. paid off in 18months and £916 interest.
have 1k normal spends £722 interest

get a deal on 2% with no overpayment limits and a 0% CC that can take £1kpm spends and the interest is down to £356


Any fees mortgage or the CC will eat up any savings.

upoiupou

I'm a bit confused when you say the mortgage fixed period is going to end. Do you mean your current mortgage will revert to a variable rate?

If so, what is the variable rate? Wouldn't this be worth considering, especially if there's no early redemption charge?