So have around 70k mortgage to payoff and house worth 250k plus.

I would like to have the mortgage paid off in the next 5 years. Any suggestions as to a mortgage recommendation.

I’d just give a mortgage broker a call

https://www.habito.com/ is worth a try

I (finally) changed mine last October. I was with Natwest who were totally hopeless. I went with Halifax as they had one of the best deals for me (5 year fixed). It took less than 3 weeks start to finish. All online, apart from one letter that had to be signed and posted back.
Just do a search for the best mortgage for your requirements, I’ve paid a Broker before (£300) to sort it, but an evening filling in forms isnt too difficult to do.

A lot of brokers won’t even charge. They get paid by the lender, so for the time they save and for zero cost I’ve always found them really useful.

Cheapest variable rate repayment going. Don’t forget to include the charges into your calls, you’d be surprised how a buy in fee translates to equivalent interest. All that matters is how much are you paying back and minimise that’s don’t get hung up on interest rate comparisons. Your cheapest mortgage might not necessarily be he one with the lowest interest rate.

Over 7 years I don’t think the interest rate is going to rise too much… it will but if you fix in even for a couple of years I bet the additional costs over that initial period will make it a more expensive option overall.

Just my opinion, i’m Not a mortgage advisor obviously. But this is the thought process I went through when I remortgaged 2 years ago and so far it’s worked out well, so only 8 years to go!!

If you have a lot of savings (or expect to have) then have a look at offset mortgages with no early repayment fees. It means that you don’t necessarily have to pay it off quickly, but any money in your offset savings account will reduce the amount you pay interest on. After a while, if all goes well, you’ll basically have a 0% mortgage where you can repay it whenever you like. You pay a slightly higher interest rate than a normal repayment mortgage, but you only pay interest on a reduced total amount (mortgage amount minus whatever money is in your offset savings account).

Edit – obviously it’s worth speaking to a professional mortgage adviser. The above was what they suggested to us 6 months ago in fairly similar circumstances, but it might not be best for you.

Sell the house and buy one for £180,000.

Thanks all. Will look at offset mortgages. Am also looking at a mortgage from Coventry that allows all overpayments and no early repayment charge.

If going to a broker, also check HSBC/First Direct etc who won’t be included. For good LTV their rates tend to be good, and unlimited overpayments are possible.

Thanks all. Will look at offset mortgages. Am also looking at a mortgage from Coventry that allows all overpayments and no early repayment charge.

We have an offset with the Coventry with no penalties. It’s a couple of years old now, so there may well be rival products from other providers, but I’d recommend them from a customer service point of view too.

Worked well for me with a combination of some savings and overpayments, in fact I’m going to be in the black at the end of this month. 8) Will probably leave it a while before finishing so I don’t leave myself with zero savings though.

Just to go against the grain here – I wouldn’t bother with a broker. They usually work on some form of commission or incentives that will skew their recommendation to you – they have their own mortgages to pay at the end of the day and you are their income. In the wonderful world of the internet you can pretty much work out what the best deal is for yourself after an hour or so of effort. Mortgages are not that complex really – they’re just loans. There are lots of different types to appeal to people in varying circumstances, so as long as you know what you want you can quickly filter out the multitude of mortgage products that you don’t want leaving you with a handful to mull over.

At the end of the day the difference between THE BEST DEAL IN THE WORLD for you and the second best deal in the world for you is not that great. You just don’t want to go for the 5th best deal in the world or less.

Highly recommend http://www.landc.co.uk

Used them for our first mortgage and currently re-mortgaging with them now. Recommended on MSE and have lots of friends that have used them. No fee’s.

Nationwide gave the best rate when I was in a similar situation in 2016. Fixed for 5 years, mortgage offer in the post within 48 hours.

Only 10% overpayment allowed though if that was your plan.

have a look at offset mortgages with no early repayment fees. It means that you don’t necessarily have to pay it off quickly, but any money in your offset savings account will reduce the amount you pay interest on

If you’ve got some discipline then theres a strong argument for not paying off your offset mortgage – it gives you the ability to access all of it as cash at short notice should you need money for something else.

We are just about to get our first mortgage, our broker laid out the many options and permutations. It seems to me that if you’re in a position where you are likely to be able to make the repayments easily, an offset with no penalty on overpayments is the obvious choice. Check fees etc., but having a hefty chunk in the offset account and making overpayments should get you pretty close to a 0% loan if you’re canny.

I recently used the Money Saving Expert comparison tool which includes most (all?) the big names & some smaller ones inc. HSBC & FD, Nationwide, Halifax etc.

If you are going for a straight tracker or fixed this is really easy to do. If offset, you will probably want to spend a little more time researching as the numbers aren’t as easily comparable.

As above, remember to include fees (or cashback in Nationwide’s case) as on a small loan, these make a huge difference. All the ‘no fee’ deals were better for me on a larger loan than you have. Even the £500ish fees needed loans over £200k to start to make sense.

We looked again recently and, if you qualify, the First Direct lifetime tracker offset deals still seem to cheapest and most straightforward

When I looked last year, the Offset mortgages came with quite significant penalties in terms of interest rates. We went with First Direct 5 year fixed (1.9%), after making my own spreadsheet comparison tool to account for fees etc. Brokers may be useful, but their advice is not necessarily impartial. First Direct are good because when you phone them, the person who answers is a) in the UK and b) generally answers your question without transferring to half a dozen different departments.

Don’t get too tied up finding mortgages with no overpayment charges, etc etc.

Rough calc with no interest is £1160 a month, if you can afford the couple of hundred quid extra on top for interest then go for it.

Fix for however long you want, it doesn’t sound like you’ll be paying off full mortgage in, say, three years so you won’t get stiffed with early charges. Just fixed with HSBC for a few years at 1.49% though I think rates went up recently a touch.

I guess it depends on why you want the mortgage paid off, your attitude to stability, how much savings you want or have etc

When I had the same desire, we went with a First Direct offset (the broker wasn’t happy and tried all sorts to get me to take a fixed rate mortgage) With interest rates so low it made more sense to have them offset the mortgage.

We transferred a lot of savings to a linked account and we overpay into this account. We just hit the situation of when salaries go in at the start of the month we have no mortgage, years ahead of when we would have with a fixed rate.
We still have accessible cash if we need it but are paying very little interest, soon to be no interest so it works for us.
To pay it off you don’t need a zero balance, just enough savings to effectively pay zero interest.

Given you need such a small amount you should have the pick of whatever you want

I wouldn’t use a broker either, 10 minutes and the internet will get you a good deal.

Include fees, go for the cheapest possible rate if you are disciplined enough to move it again, be realistic about overpayments and factor that in. Offset with First Direct is great if you have savings and might want to access them.
If you are unlikely to pay it off in 5 years you might just as well go for the best 5 year fix you can find – overpay what you can (most allow some), save or invest and reassess at the end of it.

Personally id ask for a 15 year term on the mortgage to get low payments but then with no penalty for over payments. This way you can get rid of the mortgage very quickly but if you need the cash for something else one month then you arent going to get penalised for it.

Just rang HSBC to remortgage, 1.69% fee free fixed for 2 years. Similar house value and outstanding loan, if I wanted to pay mine off in 5 years it would be over £1500 a month! 15 years and overpay when I can will do for me.