Mortgage: renewing my mortgage deal.

Dannii75

My current mortgage (£91k) is coming to an end soon & my current provider is offering a few really similar deals. Does anyone have any advice about which to choose? 

Term              Rate   Fee. Monthly repayment

2YR FIXED	1.39%	999	475
5YR FIXED	1.54	999	480
2YR FIXED	1.59	0	477
3YR FIXED	1.59	0	477
5YR FIXED	1.64	0	479
7YR FIXED	1.74	0	483
Current deal
3YR FIXED	1.99	-	494

Thank you! - D

jobdone1

If not planning on moving I would go for seven year fix to weather the storm

getmore4less

0.2% on 2y can't recover £999 max is £364.

Max with the 5y is £455.

That removes the fee options.

Any plans to overpay?

Dannii75

getmore4less said:

0.2% on 2y can't recover £999 max is £364.

Max with the 5y is £455.

That removes the fee options.

Any plans to overpay?

sorry, I really don't understand the 1st two sentences... I've had a long day! Could you explain please? 

No, absolutely no plans to overpay. If only! 

Thanks 

Dannii75

jobdone1 said:

If not planning on moving I would go for seven year fix to weather the storm

I'm thinking that might be a good idea right now with the way things are! 

getmore4less

Dannii75 said:

getmore4less said:

0.2% on 2y can't recover £999 max is £364.

Max with the 5y is £455.

That removes the fee options.

Any plans to overpay?

sorry, I really don't understand the 1st two sentences... I've had a long day! Could you explain please? 

No, absolutely no plans to overpay. If only! 

Thanks 

The max you can save with a lower rate is with an interest only mortgage

To get a 0.02% better rate you need to pay £999.
£91,000 * 0.002 *2 = £364 < £999

Dannii75

getmore4less said:

Dannii75 said:

getmore4less said:

0.2% on 2y can't recover £999 max is £364.

Max with the 5y is £455.

That removes the fee options.

Any plans to overpay?

sorry, I really don't understand the 1st two sentences... I've had a long day! Could you explain please? 

No, absolutely no plans to overpay. If only! 

Thanks 

The max you can save with a lower rate is with an interest only mortgage

To get a 0.02% better rate you need to pay £999.
£91,000 * 0.002 *2 = £364 < £999

I see, thank you! Appreciated - D