Moving mortgage, changing payments with debt

[wiggy001]

This should be a straightforward question but I want to make sure I'm not missing any options or things I should be considering.

Current situation is that I owe £198k on my mortgage, property is worth around £270k and I owe £15k on a credit card (0% until April 2015) that I am clearing at a rate of £800 per month.

My mortgage is a variable rate at 4.74% with 20 years left to run and my desire is to reduce the term as soon as possible, however it seems prudent to clear the credit card first.

Assuming I am accepted, Yorkshire Building Society are offering 1.84% fixed for 2 years and I have 2 options:
1. bring the term down to 14 years, paying roughly per month the same as I am now and continue to clear the credit card at the same rate
2. leave the term at 20 years reducing my payments by £300 and add this to the £800 a month to clear the card.

Option 2 seems the most sensible thing to do, as I can then start overpaying the mortgage once the CC is clear.

Is there anything I should be considering with this or is it as obvious as it seems?

Thanks in advance

[scottri]

Sounds like you aren't going to clear your credit card balance before interest free period ends? In which case you'd probably end up spending 2-3% to move it to another interest free deal. This might not be the cheapest possible option but you could consider borrowing the extra 15K on the mortgage, clear the credit card, and then overpay your mortgage by £800 instead.

[Rick101]

Get the biggest mortgage you can over the longest term you can.

Clear the CC, hopefully in full

Overpay the mortgage with the £800 or whatever you were paying on the card.

[Sarnie]

Option 1, you'll pay more capital each month!

As an aside, that product has a £845 arrangement fee, £270 valuation fee and £130 application fee.

How about a 2.29% product that has none of the above fees' and an SVR that is 1% lower than YBS'?