Fixed Rate Mortgage

michaelcroarkin · 11 November 2008 at 1:27PM

i took a fixed rate mortgage out in AUGUST when my last fixed rate ended i managed to get 6.49 % fixed for 5 years with a 1.5% penalty if i came out of it early now that mortgages rates are begginning to fall would it be worth me in light of the bank of england .5% cut then the recent 1.5% cut would it be worth me remorgageing and paying the penalty charge ive still got 10 years left on my mortgage or should i hang on as rates may drop again i think it would be better to do it now can you advise please thank you regards MICHAEL CROARKIN [EMAIL="michael.croarkin@tesco.net"]michael.croarkin@tesco.net[/EMAIL]

savemoney · 11 November 2008 at 1:32PM

Michael I wouldnt post email addresses here they get picked up by spam bots

payless · 11 November 2008 at 1:36PM

Or those nasty lurking ( as opposed to contributing) mortgage brokers

payless · 11 November 2008 at 1:38PM

would like to think we will see some more competitive fixed rates come out. Please check your penalty - most are bigger than that... you would also need to take into account fees for moving / new deal

savemoney · 11 November 2008 at 1:41PM

Its complicated changing mortgage especially when you dont have such a large one as there is less to gain by switching and more to loose if you go for one that has a high fee