SVR or remortgage?

Rickhampson

Hi, i've not done this before but here goes.
I'm unfortunately coming to an end of my 2yr fixed deal of 4.99% which I believe is a tad early as I didn't move into this house till Nov 3rd 2006, but C&G say my fixed deal ends at the end of Aug 08? I think that is a bit below the belt as I won't have paid 2 yrs of mortgage repayments by then.
Anyway my dilema is -to move to a more expensive deal and pay £1000 for the honour or remain where I am and go to the SVR of 7%. Basically if I stay put my mortgage of £170'000 will increase by apprx £200 p.m on the SVR, or if I move to the best deal possible of 5.99% plus a £1000 fee my payments will also increase by apprx £200 p.m. I know that within 10 months I will have paid the £1000 fee and therefore will be £100 p.m better off.
Hope this makes sense to somebody in the know.

toria27

hi i am in a very similar position to you and have already asked advice, still waiting for someone to help though so will keep an eye on your thread also, good luck!

bengee1977

Why don't you re-mortgage with a different bank?

Rickhampson

Thanks bengee1977 for your input but i have looked further than my own current mortgage provider.

Toughluck

It isn't below the belt that your deal is ending in august. You have had a fixed end date product and this would have been shown to you in section 10 of the illustration and would have been on the mortgage offer you signed.

C&G were doing 4.99% around April may this year, but sadly no longer. Sounds as though you are able to "cope" with the monthly increase therefore if that is the case there are lenders offering tracker rates under 6% with no arrangement fees currently. If you want to fix the rate on a relatively low rate, and as you have said, be prepared to pay for it in fees.