Remortgage or sit tight? Advise please!

RICAM

Hi I bought my first flat 2 years ago for £80000 (outstanding now approx. £73000).
My mortgage was an A@L fixed rate of 4.99% for 30 years.
This fixed rate ended last month and has now gone to a premium rate,a variable rate,of .990% above the bank of england rate (approx £50 extra per month at present) for the remainder of the mortgage.
This seems to be an attractive long term deal (overall cost for comparison 5.8 % APR).
My question is am I right to stick with this deal and am I also correct to assume I would be very hard pushed to get anywhere near this deal if I looked around in the current market?

Thanks,

Rich.

herbiesjp

I have had other clients of mine with that same deal - and in the current climate I have told them to stay put.

In their situations, it was better, as they are now on a lifetime tracker effectively with no penalties.

If you shopped aorund you may find things similar, but then you would have the fees to leave A&L and the set up fees for the new mortgage.

So assuming your budget is not tight, and you are happy to be on a variable rate as opposed to fixed, then I would say stay with A&L