Small mortgage advice

[Gettingbysomehow]

My mortgage is £18,000. The mortgage is up for renewal. I can pay it off in 2 years time I just need to save a bit more money. I spent all my savings helping my DS buy a home.
Would a loan be better than a mortgage I am trying to find the best and cheapest option for the next 2 years.
I will do the leg work shortly but just wondering if anyone has any ideas.
Thank you.

Mortgages are usually cheaper than other types of loan but you may struggle finding a mortgage for such a short term. You might want to locate a 5 year mortgage that does not penalise overpayments.

A lot of mortgage lenders also won’t lend such a low amount, they often have £25-£50k minimums, so you may need a broker to help you find one.

I would just call my existing mortgage provider and ask what's their best two year fixed rate.

Yeah this.

Also, just because it's up for renewal doesn't mean you HAVE to renew it. You can just stay on the standard variable rate.

Thanks for that, I'm seeing a mortgage broker next week so we'll see.

Putting your details into Moneysupermarket and guessing your property value at £180k which is irrelevant really, it looks like you can get a decent mortgage from First Direct or Nationwide even for just £18k

https://www.moneysupermarket.com/mortgages/rates-table/home-purchase?propertyValue=180000&depositAmount=162000&requiredTerm=2&repaymentMethod=Repayment&sortResultsBy=MonthlyCost&productTypes=Fixed&productTypes=Variable&termTypes=FiveYears&termTypes=TwoYears&addFeesToBalance=false&noProductFees=true&decisionInPrincipleProducts=false&page=1&journeyType=HomePurchase&userSegment=Active&region=Unknown

If they won't actually lend that little when you apply, you could just take whatever minimum they offer and repay as much as they allow, plus save the extra in a savings account - you can probably cover the 4.5% interest rate so it's not going to affect the cost - you might even make a small profit.