Can I do any better on my mortgage / switch for lower interest?

FlaatusGoat
FlaatusGoat Posts: 242
First Post First Anniversary Name Dropper
Forumite
edited 28 December 2023 at 1:06PM in Mortgages & endowments
I'm currently on a 5.5% 2-year Tracker that I took out in late spring. I've got about 80k remaining on the mortgage. Costing me about £370 in interest per month.

I know this might be a bit of a basic question, but are there any better deals or do I typically need to stick with the two year term? FTB so quite new to this!

Not having any issues with my monthly repayments, just wondering if lower rates are available to me....Being able to retain the ability to make lump sum repayments of 20-30k per year would be good.

Thanks

Comments

  • It it a fixed term though? As it's a tracker presume it doesn't have an early repayment charge? Just that it will track base rate for 2 years.
    If interest rates fall it will also fall.
  • Hoenir
    Hoenir Posts: 1,254
    First Post Name Dropper
    Forumite
    Have you checked online to see if your current lender has any options for you?
  • Mark_d
    Mark_d Posts: 283
    First Post Name Dropper
    Forumite
    If you're interested in better deals then I'd suggest checking with your current lender.  I'd be surprised if you can get anything significantly better than your current deal but you can always call your lender to understand your current options.
    You can possibly get a mortgage that saves you £20 per month over a two year period...but it might cost you £500 in fees.
Meet your Ambassadors

Categories

  • All Categories
  • 341.8K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 233.9K Work, Benefits & Business
  • 606.1K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards