Advice on what to do... Mojo1234

Hi all,

I was hoping to get some advice.

In march 2012 I enrolled on the FirstBuy scheme, so the Gov/Developer essentially lent me 20% of the house value to put on a new Mortgage, I paid 5% from my own savings. I'm now coming to the end of a 5y fixed 4% rate and the FirstBuy interest year period.

The value of the house when I bought it was £185k, so I paid 5% deposit (can't remember how much exactly) and the two other parties paid 20% (it was approx 37K between them).

I have managed to save up to pay for the 20% (currently worth £43k at a valuation of £215k), so I'm just about to pay that off. This will mean that the new balance on my home will be approx £127k.

I need to remortgage now, but here's the thing, I'm in a situation where I will be able to pay off the entire house in 2 years time or less, so I need a mortgage in the meantime until I have saved up to pay it off.

So, my question is, what is the best mortgage to go for in this instance?

Sorry it's a bit lengthy, but I thought it's important to get all the facts down.


If you're in a position to pay it off in 2 years time then take out a 2 year product, if there is a possibility it will be any sooner then take out a product with no early repayment charges. If longer then could suck up the payments on the standard variable rate or remortgage then onto a product with no early repayment charges. As for the term, that's dependant on budget and your concern about the amount of interest you would be happy to pay.

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