I have been in to the Santander bank today to pay a cheque into my account, and the counter assistant tried to persuade me to change to Santander's 123 Current account by extolling the virtues of said account, and tempting me with what appears to be a reasonable amount of cashback. Whilst listening to her I realised that my fixed term mortgage deal with the Barnsley building society comes to an end at the end of March, and this got me thinking as to what to do then. We are currently paying £667 per month on a repayment mortgage and when the fixed term expires,I anticipate that we will owe approximately 57k. I can retire in just over 6 years, and I believe that there will be approximately a £14k shortfall in the mortgage which I plan to pay off with part of my lump sum on retirement. When I remortgage I am also considering borrowing a bit extra (6k ??) to put towards replacing my car.
Basically I would like to reduce my mortgage payments as we have one daughter at University and another just about to start college, and my other half doesn't earn a great deal, so consequently there is not a lot of spare cash left at the end of every month.
Would I be better off going for a low repayment mortgage thereby increasing the amount outstanding when I retire, which I can then pay off from my lump sum, or should I continue with a mortgage similar to what I am on now, and if so can anyone advise who the best mortgage providers are at the moment ??
Basically I would like to reduce my mortgage payments as we have one daughter at University and another just about to start college, and my other half doesn't earn a great deal, so consequently there is not a lot of spare cash left at the end of every month.
Would I be better off going for a low repayment mortgage thereby increasing the amount outstanding when I retire, which I can then pay off from my lump sum, or should I continue with a mortgage similar to what I am on now, and if so can anyone advise who the best mortgage providers are at the moment ??