Best type for 6yrs left

LoveTheSea

Hi,

Our 5yrs fixed deal ends in January so we’re beginning to think about our choices (I know it’s way too early for specific products). Usually we get a fixed rate as this helps budget but we will only have 6yrs left to go on the mortgage when we remortgage. We are on an amazingly low rate at the mo so know payments will go up, we’re hoping to have some savings to put off the balance as we are keen not to extend the term.

My question is what are the pros and cons of another fixed rate product? Would you suggest a different type? We hope to be in a position to be able to overpay and clear the mortgage earlier and know penalty-free overpayments would be limited on a fixed rate so thought I would ask in case anyone has been there / done that and got ideas we’ve not yet considered.

amnblog

If you have 6 years to go and can overpay, a five year product could be perfect for you.

1. With most Lenders a 5 year rate set for January reserved today will finish October 2029 or December 2029
2. If you can overpay you can most likely complete the mortgage as the new rate ends - without any extra charges

Mightywhites1971

I have a similar scenario.  Our 5 year 1.64% fixed ends on the 31st October.  Our LTV is very good (less than 30%).  Can anyone suggest a good mortgage to change to?