We were looking to move house, but have now decided to take our house off the mortgage for at least 12 months. We are currently with the Halifax and our interest rate is something like 6.1%. Our mortgage is part endowment, part re-payment and we have 10 years and 8mths left.

Our current mortage is flexible and allows us to make overpayments which I would also want from any new mortgage.

What I am wondering is should we be looking to re-mortgage right now and if so, would a tracker rate be a good way forward.

If so, who is the best tracker rate mortgage with right now bearing in mind we may want to move again in 12 -18 months!

Overpaying right now is a fabulous idea. Think about it as reducing your risks. If you have x months "credit" then should you lose your job, your grace period before it all falls apart will be that bit longer.

Whether a saving from remortgaging is worth more than that "insurance" is ultimately your call. I must say I like the current First Direct tracker offer, but to be honest you're probably best placed using a mortgage calculator to do a comparison for you.

Hope this helps.

mr tom.

Yes, we had thought that overpaying over the next 12 - 24 months until the next move would be a good way forward and interestingly enough I was looking at the First Direct tracker mortgage online yesterday too. The problem I had though is that my current mortgage is a mix of interest and capital repayment and the first direct calculator would not let me split it!

Do you know what size the capital component is? If so, just stick that component into the calculator. I know it won't be accurate (and will become less so the further you project, but it's better than nothing. Alternatively, one of the comparison sites may have a more sophisticated model. If that fails, a mortgage broker ought to be able to advise further - give your current provider a call and ask them to crunch the numbers - presumably they want to keep you as customers.