25yr Mortgage & Overpay or 20yr Mortgage?

jrh2254

I would go for the longer term and overpay but never let the balance get to zero. This way you never redeem the mortgage and the lender holds the deeds on your behalf for the SVR on the small outstanding balance.

This beats the secure storage of title deeds following repayment of the mortgage (annual fee) charged by most lenders. Mine charges £23.50 and that is one of the cheapest.

Rob_B_8

ha nice idea!

MattyNeth

Rob - what about the 5year fix at Yorkshire Building Society. 4.74% over 5 years, low fee (£99 application + £300 on completion) and 0.6% cashback. It's also an offset mortgage if you want to make overpayments to cut interest.

http://www.ybs.co.uk/mortgages/current_products/products/offset_fixed_311210.jsp

I've an appointment with them myself tomorrow to get a mortgage in principal :-)

Rob_B_8

Got it sorted with A&L in the end, britannia were fannying around a bit, rate has dropped to 4.44 as well viva-la-mortgage!