Remortgage advice on a smallish amount

tasha247

Any advice greatly appreciated. Mortgage product ending in June and am looking for the most effective way to proceed. £36k outstanding on property worth over £400k. 

Approx £25k savings, mainly premium bonds. Wondering if we could both apply for spending credit cards to wipe off all borrowing on the mortgage. Apply for a new product with existing lender, Nottingham BS. All of their products seem a bit more expensive than other mainstream banks/bs. Or get an offset mortgage with Yorkshire bs. Or…. Are there options I have missed? 

I’ve used the overpayment function on current mortgage but feel like I’d not really get the existing borrowing down effectively with a new product. Thanks

Yorkie1

At £36K, minor differences between interest rates will make little difference to actual repayments.

Personally I would prefer not to use up most of my savings in repaying the mortgage in full.

I'd consider a product transfer with Nottingham BS, if you can get one without a fee. At that low level of outstanding balance, a fee is likely to be disproportionate.