Advice on getting mortgage free

losemymortgage

Can anyone advise me.

I have a £31000 mortgage left on my £350000 house. I am looking to pay it off as soon as I can.
I have £5000 in premium bonds, and I always overpay the mortgage by £200 a month - total of £580 each month.

What should I do now my rate is coming to an end? I want a low % mortgage with no fee, and where I can over pay more than 10% a year. Also, should I pay £5000 off the total and get a mortgage for the remaining £26000?? Or keep that in savings and just over pay by £200 a month?

Any tips would be gratefully received!

Tropically

I would speak to a broker. Martin Lewis has some great recommendations for that. I used London and Country and liked them.

losemymortgage

Ah no, the point was, what would others do?

Pay £5000 off the mortgage or just overpay every month? I know how to get a 0.99% deal bit I wanted another point of view

Ta!

sleepygirl126

Personally if the £5k is all you have in savings...I'd hang on to at least £3k of it..if you have other savings...pay it off

Tropically

Ah sorry, I thought you were asking for recommendations of banks which would give you a low fee and the ability to overpay!

I would keep £5000 in an emergency fund if it is your only savings.

If it is not your only savings and you can get a 0.99% deal, I would keep the funds in a savings account because I could get more than that in a savings account.