Mortgage renewal?

take a look at hsbc there lifeterm tracker seems to be one of the best offers at the moment (im also in processof remortgaging so have trawled the internet for deals.)

Speak to a good whole of market broker - all the good deals (which are few and far between now) are being snapped up in seconds.
Either that or get a flexible deal you can switch easily later on.

speak to an independant insurance broker, normally free as they get paid from the mortgage company, these guys can normally give you better rates than the actual banks

I hate to point out the obvious but insurance brokers sell insurance (and charge approx £20 than going direct). Brokers paid for by a bank only search their banks' deals so you might not get the best deal.
Whole of market brokers do charge but are impartial.

The Bradford and Bingley website offer independant advice from hundreds of mortgage suppliers.

I'm currently paying over 7%, and I could get a 5.25% although with the fees and stuff, it will take over a year to make up that lump sum paid out to change it. So I am waiting for the rate to drop a bit more until I renew to lower rates, and then go from there.

Before you waste any time at all, you should check your current mortgage does not have any redemption fees as some charge extortionate amounts.

I am waiting in the hope of another rate drop as I have gone on a tracker until rates drop more

Is that one account with the mortgage shrinker any good?

http://www.oneaccount.com/

That would depend entirely on your circumstances.

Depends if you are good at controlling expenditure

Nah mate, the chap i go my mortgage through gave me a better rate than nationwide themselves could offer on their own product because he works for Zurich and they sell thousands of mortgages. Also didnt cost me a penny, he showed me the paperwork from Zurich saying that Nationwide would pay him £XXX for arranging a mortgage. Its worth asking there may be some good deals out there

You're missing the point - Zurich will be affilliated with certain lenders thus he will only check those who will pay his commission. Yes it may be better than direct however it may not be better than the rate found by looking at the entire market. Whole of market brokers look at ALL the deals because they are paid by you if you take a deal so it is in their interest to find you the best rate. Let a couple look for you, then see if it is cheaper direct, if not go for it. Affilliated Brokers look at their affilliates, and find the best deal out of those that will give them a money. They don't look at everyone so will not always get the best price (though sometimes they may).

Sorry to hijack the thread OP, but I have a related question. I've moved to a intrest only mortgage for a while, and I believe I can pay off 10% a year without penalties. Is this generally a good idea if I have a couple of grand saved up? Or should I invest it somewhere else?

Depends - how much interest (post tax) would you get on the money (in the best high street bank or ISA if you don't have one maxed), and how much interest would be saved (how quickly is the rate adjusted). Do you need easy access to it, for example in an emergency?
Are you willing to risk losing money or do you prefer a more certain lower debt?