Small remortgage and fixed rate - problems?

pandora205

I'm in the fortunate position of being able to overpay my current fixed rate (5.89%) mortgage with C&G and would be able to pay a big chunk off when it expires next May (09). I've already repaid a lump this year so that is my maximum without penalty. This will leave £10000-£15000 which I'd prefer on a lower rate than variable but I'm wondering if I'll have problems getting a fixed rate for a short term only. Really I'd like to repay it all over two years or less.

Are there some lenders who are more helpful in lending small amounts? Will getting a fixed interest mortgage be a problem?

Thoughts welcome

Thanks

homer_j_3

You will find that most lenders will have minimum advances so you may have a couple of options,

1 - Take a retention product - i.e take a current deal with C&G.
2 - Convert to a personal loan if you can afford the repayments.

I presume you are putting all your overpayment money now into high interest saving accounts etc?

Dan29

Transfer it to a credit card fixed at 6.5% or so?

pandora205

homer_j wrote: »

You will find that most lenders will have minimum advances so you may have a couple of options,

1 - Take a retention product - i.e take a current deal with C&G.
2 - Convert to a personal loan if you can afford the repayments.

I presume you are putting all your overpayment money now into high interest saving accounts etc?

Thanks for this advice. I hadn't thought about the personal loan idea. At present I just wanted to think carefully about the overpayment and extra lump in Jan, so I'm not restricting myself too much.

I'm just investigating the Kaupthing Edge savings account (as I've just inherited a lump - am topping up my ISA etc etc) so I'm learning!

pandora205

Dan29 wrote: »

Transfer it to a credit card fixed at 6.5% or so?

Mmm.... I'm one of those people who don't like credit cards (history with ex and lots of debt!) so I need to think about that one! I'd be interested in others' views.

Dan29

pandora205 wrote: »

Mmm.... I'm one of those people who don't like credit cards (history with ex and lots of debt!) so I need to think about that one! I'd be interested in others' views.

Fair enough - I've done this in the past as a way of getting a loan at rates lower than a 'real' loan, and I actually destroyed the card itself once it arrived as one of Martin's golden rules when using credit cards like this is to never ever spend on them

Anyway here's Martin's article on it if you did want to read more.

pandora205

Thanks I'll read it later.
P