better rate?

lola_rose_3

My current interest rate for mortgage is 5.24%, is there anything better out there.

nmiah786

I think you would neet to post more information for people to answer this such as mortgage amount, any penalties, is it a fixed rate etc

lola_rose_3

mortgage amount 129k
tied in with flexible mortgage till oct, I think I would need to pay back 1,000

Ian_W

There are better rates out there, getting on for a full 1% better in some cases BUT if you have to pay a redemption penalty of £1K, arrangements fees of typically £4-600 to a new lender, it's not possible in 8 months or so [2 months, maybe to complete a remortgage] that you'll find a rate that saves you money. Cheaper monthly payments, yes but add in the fees and ERC's and it will cost you quite a lot of money to change now.
Wait until July/August time, find out first what's the best your existing lender will offer and whether that will incur a fee, then shop around to compare other lenders. Plenty of comparison sites linked to the mortgage section of this site and also read Martin's article on remortgages to get clued-up.

HTH & BoL.

lola_rose_3

thanks for the advice