Should I remortgage with only £13,700/26 months to go?

4ppleseed

Hi all,
I've been helping pay off my mum's mortgage for the last 10 years and we are down to the last £13,700 with 26 months to go (currently paying £530 a month).

It's with Barclays/Woolwich and the interest rate is high by today's standards at 3.24%

I'd love to shave off some more time/interest but looking around it doesn't seem like anyone would let us remortgage for a less than 5% loan to value mortgage. Plus I'm struggling to work out how to calculate the mortgage fee into the whole cost and know it's still a good deal for us.

Have any of you been in a similar situation? Can you please point me in the direction of some good advice or better still, a suitable remortgage offer, if it exists.

:beer:

getmore4less

What rate do Barclays have on a 2 year no fee deal?

4ppleseed

It seems like they have a minimum loan of £50k. Or £5k for new mortgages. It doesn’t look like they are designed for my situation

getmore4less

Retention deals have min loan of £5k might even be lower.

Rates under 2% no fee

Thrugelmir

Check with Barclays for retention products - i.e. online.

Remortgaging to a new lender most certainly won't be economic even if it were possible. The costs would outweigh any savings in doing so.

Overpay by what you can afford to. With just over two years to run the majority of what you are repaying every month is capital. Interest savings are going to be negligble.