I'm on a good SVR, so should I Re-Mortgage???

getmore4less

With 10% overpayments on most fixes and £330pm that is under £4k you have £5,800 available first year

With the Coventry you have the headroom to overpay for 3 years before you need to start using savings.

Zero_Sum

getmore4less wrote: »

Plenty of follow on trackers we're at these rates and better.



2.09% for a 5 year fix looks high but small mortgage fees can be a factor.

If you want to secure have a look at the Coventry 10y deal 2.25%

It doesnt, its pretty much going rate. Thats for ones without fees.

Your coventry example also comes with a £999 fee which bumps it up to around 2.4%. Mortgages with fees arent value when you owe less than £60k and over paying quite a bit

glock339

Thanks to everyone for all the replies :beer:

I've been number crunching non stop since my original post & I think I'm actually going down a different route & go all out to clear my mortgage ASAP.

I have over 30k in savings so I'm thinking of paying 20k off my mortgage now & keeping back over 10k in case of a rainy day. Then by increasing my overpayments to £600 or more per month depending on finances it should allow me to pay off the mortgage in less than 4 years & save me over £12,000 in interest.

I was toying with the idea of doing something else productive with my savings like a buy to let property etc but I'm already working several jobs & have a few long term projects on the go which means I have zero spare time so think this would be a better use of the money.

Thrugelmir

glock339 wrote: »

I was toying with the idea of doing something else productive with my savings like a buy to let property etc but I'm already working several jobs & have a few long term projects on the go which means I have zero spare time so think this would be a better use of the money.

Clearing the mortgage provides a guaranteed return. Whereas leveraging up with more debt provides no certainty of outcome. Often the slow less risky route provides the best return in the long term. With minimal worry and stress to go with it.

Thrugelmir

getmore4less wrote: »

Plenty of follow on trackers we're at these rates and better.

Was just intrigued. Had a life time tracker of 0.35% above base myself. Though we repaid the balance off a couple of years back. Being mortgage free is a great feeling.