At one year left will switch to SVR

MiniJOJO

Hello,
Our Mortgage finishes in October 2022 but in October this year the fixed rate ends, the minimum fixed period with my current provider  - Skipton - is 2 years. What is my best option for the remaining year?

K_S

@minijojo Off of the top of my head, unless I'm mixing lenders, Skipton offers no-fee no-ERC tracker rate-switches for existing borrowers through brokers. Should do the same for direct as well. Just give them a call if you want some surety.

minimad125

If that was me, I would remain on the standard variable rate for the 12 months but be going all out to finish the mortgage as soon as possible by throwing every single penny I had to it. Do you have savings already stashed away so you can pay it off straight away?
on the other side of the coin, do you wish to make any big purchases in the near future i.e. new kitchen, extension? maybe worth holding onto your mortgage and going for a 2 year fixed deal if that is available. all about your credit worthiness and having a mortgage helps greatly. 

GeordieGeorge

What’s the additional cost if you go onto the SVR? If the above ideas don’t work I’d it enough to matter?

ACG

Appreciate this is a money saving forum, but if you have 12 payments to make, the balance cant be that high. 
If we assume the balance is £12k, the repayments on 1.7% are £1,010 per month give or take. 
At 4% they are £1,020 per month give or take. 

We are only talking a tenner a month so hopefully not too much of a problem.