I am coming to the end of a 5 year fixed rate of 2%
I owe 100K on an interest only basis (can't change this) which ends in 2029.
I'm 57 and a full time carer so benefits only income (obv wasn't when I took out mortgage but life happens..what I'll do in 2029 I'm not sure but I'll face that then)
Current provider says my options are:
2 yr fix at 4.01% with a fee of £1750 (ouch)
2 yr fix at 4.55% with no fee
lifetime tracker which 'follows BoE rate and adds a variable amount (so currently 4.25% plus 1.5% add on, but 'this can vary without notice') no fee
standard variable rate of 6.75% (ouch) no fee
Can I ask:
I currently have 'permision to let' on my mortgage (though I live here)
If I take that off will my rate be any better?
Do I talk to them now about extending my mortgage or do I just fix for 2 years and do that down the road when I'm 59 (& still likely to be either f/t Carer or earning say,£ 500 pm part time self employed. Thank you.