is Standard Variable Rate best for me?

waves117

Ok people thank you for your help, it is appreciated.

Now have a cooooool down xx

JimmyTheWig

herbiesjp wrote: »

If you can find a totally fee free mortgage on a far lower rate it could just work out better, but don't forget to take into account the exit fee for leaving A&L

Surely the exit fee for leaving A&L will still be payable when they pay the mortgage off in two years time?
The relevant fee, I would have guessed, is the exit fee for the new mortgage.

herbiesjp

The exit fee is payble if the OP leaves A&L

The relevant fee, I would have guessed, is the exit fee for the new mortgage.

No - it is the A&L exit fee that is relevant now. As if the the OP is saving 10p per month but forking out £295 for the benefit - is it worth changing lender?

Agreed the OP would need to also look at the exit fee of the new lender, but if it is not worth leaving on the basis of the A&L fee, it will be doubly not worth it with the new lenders exit fee (if indeed there is one)

HelpWhereIcan

Even assuming you are going on to their SVR of 7.19% there would appear to be little reason to get a new deal and pay arrangement fees, A&L's exit fee and/or have a tie in when you are planning on paying it off within 2 years.

Also worth double checking your original offer for the 'revert to rate' - a couple of years ago A&L were offering deals that reverted to Base Rate + 0.95%. If you are lucky enough to have one of those there really is no need to look.

Sit back and enjoy being so close to being free!!!