Advice on re-mortgaging options

kor2008

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

Product	Initial rate (%)	Initial monthly payments (£)	Product fee (£)	Follow-on rate (%)
2 year tracker rate	2.95	1435.45	995	5.49
2 year tracker rate	3.74	1540.16	0	5.49
5 year fixed rate	6.24	1898.90	995	5.49
2 year fixed rate	6.37	1918.64	995	5.49

K_S

@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.