Advice on re-mortgaging options

Our current Scottish Widows 5 year fixed rate mortgage comes to an end in March. We owe £260K and current rate is 1.94%. We need to remortgage and are looking at options. Aware we have left it a bit late! We have an offset account with our current mortgage but haven't used it much. I'm after some advice on what might be a good option for us. Monthly income is just after £7K. No other debts or major outgoings beyond the usual. We have about £30K in savings which we can access. I am so confused as to what sort of mortgages to go for, some options are below? Any advice welcome. Thanks


Initial rate (%)

Initial monthly payments (£)

Product fee (£)

Follow-on rate (%)

2 year tracker rate





2 year tracker rate





5 year fixed rate





2 year fixed rate






  • edited 7 November 2022 at 1:29PM
    K_SK_S Forumite, Ambassador
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    edited 7 November 2022 at 1:29PM
    @kor2008 I don't have an opinion on what exactly you should do but if the 2.95% tracker is a NatWest one, see that as 3.70%. The sourcing systems are still incorrectly showing it with a base rate of 2.25% when it should be 3%.

    If you don't value or use the offset facility then it might be better to just remortgage (new lender) or a product-switch (staying with SW) to a standard fix. If you stick with an offset that you don't use (or don't use sufficiently) then you'd be paying an unnecessary premium for the facility.

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    Please do not send PMs asking for one-to-one-advice, or representation.

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