Stick or twist - should I remortgage?

truescot

Hello lovely people,


I am currently on a pre-crash mortgage in two parts, which I have always been fairly happy with but wondering if I've been a bit complacent and its time to remortgage. 11 years term to go so the initial fixes are long gone but the follow-on lifetime tracker rates are



Part 1: 42k repayment @ BoE+0.75% (so currently 1.5%)
Part 2: 62k fully flexible interest-only @ BoE +1.99 (2.74%) which we currently overpay enough to clear the capital by the end of the term
Property value 250k+


I see the headline rates of 1.17% etc etc which look tempting but I realise these are initial fixes with fees, then a high SVR, so it's hard to work out whether I should change or not, especially as I would lose the flexibility of unlimited over/under payments on Part 2.


I know there is no absolute answers and its a personal judgement but any opinions on whether I am a fool to stay on what I am on?


Thanks.

Thrugelmir

truescot wrote: »

I see the headline rates of 1.17% etc etc which look tempting but I realise these are initial fixes with fees.

What are the fees? Then there's the costs of remortgaging to consider as well. Could be an expensive exercise.

Overpay Part 2 more would be my personal choice.

truescot

Thrugelmir wrote: »

What are the fees? Then there's the costs of remortgaging to consider as well. Could be an expensive exercise.

That particular one (Yorkshire) had a fee of £1730. That rate was variable for 2 years.


On the face of it, it looks like I should change to a better rate, but I suspect its not that simple...