My flexible tracker discount deal with Abbey comes to an end soon (Sept) and I've been paying it off like mad. If I don't change anything - the mortgage is due to finish in April 2008.
As I'll be going back onto whatever the SVR with Abbey is at the end of the current deal - is it worth me trying to find another flexible tracker for such a short time?
I anticipate being able to further overpay in another 6 months or so shortening the term even more.
chas
Unlikely, by the time you've taken off any valuation/application/redemption fees for the new mortgage off the interest you'd save. Particularly if it's for just 6 months.
I am not a finance bod !
Not sure how it would work in your specific circumstances, but we just remortgaged ours (~12 years left) as it got to the end of the base rate tracker deal.
Halifax offered two basic variants (given that we knew what we were looking for), the more flexible of the two worked out at about £4 per month more IIRC, with no early redemption fees or problems with paying more off per month than normal (mortgage has about £18k left on it)
If you're in a position to overpay, i`d definitely aim towards taking the hit on the small additional monthly fee :-}
September 06 to April 08 is about 18 months. The obvious thing to do is probably check what alternative deal the Abbey would offer (and whether they'd reduce or waive fees for an existing customer). I'd also check whether any no fee mortgage deals would offer anything for such a short period.
As an alternative you could consider trying to borrow all or as much as possible of the outstanding balance on a zero or low interest credit card deal (just don't use it for anything else and don't miss payments).
Thom
Thanks for the replies and suggestions. I will ask Abbey nearer the time just exactly how much they really DO value me as a customer (and have been for about 8 years) and see if they will offer me anything. Otherwise, I'll probably just stick with them on the SVR till the end then write and claim back the hugely inflated exit fee they now charge for paying it off.
(It used to be 80 now it's around 225 or something.)
thanks
chas
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.