3 years left on my mortgage should I rmortgagee or not?

katkit

Hi all
I am coming out of my fixed deal of 5 years in January.
I Have 3 years left to complete my mortgage, Yorkshire Building Society have given me a reminder of this by post that in January I will be on standard variable rate of 4.49%
sent me a letter with several options (deals to look at) but when I looked into them most of the deals had discontinued and the deals that are still available require a product fee of £995.00.. this is one of the deals currently offered.

Fixed rate until 31/03/2025 SVR currently 4.49%. APRC 3.3%. Product fee £995.00 overpayment 10%.

I currently owe £11000 on my mortgage and I was wondering if it would be better for me to carry on paying the standard variable rate 4.49%  at £315.00 a month.
any feed back on this would be great.

Thank you 
Mike

london21

Contact Yorkshire Building Society or if you can compare the rates online. Do they not offer products without product fee so you can compare with and without product fees? 

I would fix, the standard variable rate is high.

If you have the funds, paying it off also an option. 

What is the LTV, considering only 3 years left the rates should be more competitive. 

Merlin139

Contact your nearest branch or ring the head office and speak to a Mortgage Advisor. They will give you all the options. 

They do offer fee free deals. You could go for a 3 year fixed rate. 

I did mine about a year ago when I was in the same position as you with them. Went for a 3 year fix offset. Borrowed 14k and offset the total amount and have paid no interest on it. now below 10K 

[Deleted User]

going by their website they seem to offer existing customers the same deals they offer remortgage clients.  
So a 2 year fix at 1.66% with no fees should be available. 

Thrugelmir

Can you afford to overpay and clear the outstanding debt quicker? 

katkit

Deleted_User That deal was one of the offers listed on the letter I received from YBS, but was no longer available when I went online the day I received the letter  which I thought was a bit strange.
I will give YBS a ring and see what they have to offer.

Thank you all for your time.

katkit

Hello again I have just managed to login to YBS and there are only 2 product free deals left that are on offer:

2 years fixed -65%    LTV 1.66% fixed until 31/03/2024
2 years fixed -65%    LTV 1.72% fixed until 31/03/2024
Overall cost comparison is 3.8%
Considering my recent deal comes to an end in January, does these deals mean I will pay more at the end of February and March 2024?
what do you think of these deals?

Thanks
 

[Deleted User]

Take the 1.66% for 2 years then just rundown the last year on svr .  Your balance will be so low by that point you'll be paying practically no interest anyway

The 1.66% will run for over 2 years.  From end of Jan 2022 to end of March 2024

katkit

Thanks Deleted_User.

Sncjw

Also if you can save up some money so you could do a lump payment at the end of the 2 years and pay off your mortgage.