Mortgage Payoff

Marklpatterson4590

Hi, looking advice on paying off remaining mortgage. My mortgage which was on a 7 year deal at 1.99% is due for renewal shortly but an estimated £18K remaining and my queries relate to the following:

1. Plan to discuss renewal with the lender but does anyone know in advance the shortest term available for a mortgage and if there are options for more than 10% overpay annually?

2. Considering borrowing the remaining balance and paying off mortgage. Looked into a credit card to fund this but money transfer cards come with a 3-4% fee.

3. Has anyone got any advice on the best method of repaying quicky and as efficient as possible. If you have been in a similar position I would really appreciate some advice.

Thanks in advance ☺️ 

Newbie_John

You didn't say how much money you have and who your mortgage is with.

Once your fixed deal ends you move to flexible rate and can pay as much as you want.

There are lenders like First that allow unlimited overpayments.

At such low balance interests will be negligible, so if you think you can save £15k in two years, slget fixed for 2 years, keep saving and pay off in 2 years.

Marklpatterson4590

It's approx £18K remaining with Santander. Will look into fixing for two years on a mortgage that permits unlimited overpayment