Yet another remortgage thread.

350nutter

I'm considering remortgaging mainly in order to borrow extra money in order to modernise/refurb areas of my house (new bathroom as original is 80 years old/partial double glazing etc) so decided the time was right to find a better rate.

Currently I have a NatWest offset mortgage with a balance of £84000 at 6.75%, 18 years left. I currently pay £685 plus a voluntary £50 really to safeguard against 2 further rate rises.I don't really use the offset idea as I have very limited savings.

I'm considering moving to Yorkshire building society and taking one of their products, probably a 2 or 3 year BoE tracker at -0.06% for £93000 over 20 years. This works out at more or less £650/month I would be able to pay 10% extra a year, so no probs to keep paying my current amount or £725 - If you ain't got t you don't miss it! The arrangement fee is £795.

My house was last valued in Aug 06 at £155000

I still need to get quotes for legal fees etc before making my mind up what to do.

If anyone has any constructive comments or knows of better deals or has any comments about Yorkshire bs, please let me know.

Jonbvn

I agree with your decision to change away from an offset mortgage, since you do not have significant savings. In

Griptool

Mr Nutter

Instead of borrowing more money why don't you save some money and pay for your improvements up front?

Adding the cost of small improvements like a bathroom refit to your mortgage will mean you will be paying for your bathroom for longer than you will be using it!!

Also get a DIY book and have a go yourself

Dan_Collins_2

Griptool wrote: »

Mr Nutter

Instead of borrowing more money why don't you save some money and pay for your improvements up front?

Adding the cost of small improvements like a bathroom refit to your mortgage will mean you will be paying for your bathroom for longer than you will be using it!!

Also get a DIY book and have a go yourself

Get a grip Griptool! Windows need to be fitted properly, by ppl who know what they are doing. A DIY guide is not going to turn you in to Bob the builder over night! Debt is not always a bad thing, if managed correctly it can be used to make your life better and do the thing you want in life!

Nutter has a lot equity still and not long to pay off his mortgage. he not increasing it by a lot so why not?

If you are over paying £50 to protect from any increases why not fix it and make the over payments anyway? Although the deals you have mentioned are not bas at all. Have you looked at keeping the 18 year term??

350nutter

@Griptool - I would love to DIY, as I do most jobs myself, however to move the soilpipe from loo and installing electric shower nowadays needs so much certification it's not easily feasable to DIY.

@Dan_Collins - I've thought and still am thinking about a 2 year fix and possibly keeping the 18year term, this is one the possiblities I want to consider and calculate costs of over the weekend.