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

katkit
Posts: 9 Forumite


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
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
0
Comments
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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.0 -
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 10K3.795 kWp Solar PV System. Capital of the Wolds0 -
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.
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Can you afford to overpay and clear the outstanding debt quicker?0
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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.
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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
0 -
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 20240 -
Thanks Deleted_User.0
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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.Mortgage free wannabe
Actual mortgage stating amount £75,150
Overpayment paused to pay off cc
Starting balance £66,565.45
Current balance £58,108
Cc around 8k.0
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