Should I stay or should I ...swap? 10 June 2020 at 7:23PM in Mortgage-free wannabe 3 replies 201 views

Kasia1981

Hello!
I have a dilemma and hope you will be able to help me out.
I am on lifetime tracker mortgage with Santander  - 2.19% above the rate = 2.29% right now. Capital repayment.
Have around £71k left on it. Monthly payment £479 but I do overpay a lot and should be able to comfortably pay it off latest in 3.5 years (42 months) but hopefully sooner.
Remaining term 14.8 years. £250 end of mortgage fee.
I was tempted to fix it now for around 3 -5 years, as the rates are low, but then the monthly savings are low comparing to my current fees and I will not be able to overpay as much, as most new mortgages allow only 10% a year and I tend to overpay much more (monthly plus a lump sum every now and then).
Would you bother looking for a new deal (without fees) or would you keep it as it is?
Thank you for all your help! x

Sistergold

Why not check with Santander if you can mortgage switch to a better tracker deal? Or a better discounted variable deal with no overpayment limits? 

Kasia1981

Thank you for the suggestion - will check that out! x

jenni_fer

We're in the process of moving to an offset, so while we can only overpay by 10% each year, we can put whatever we like in the adjoining savings account which is essentially the same thing (except we can get the money back if we need it).