Should I remortgage? I'm confused!

zuzuspetals

In April 2007 I got a together mortgage with NR. Flat valued at 71K and I borrowed 75K. On a fixed rate I am paying £511 per month. I've done a lot of work to my flat, and it is in a very sought after area, so I think it is now worth about 82K. By the end of march I'll still owe about 73k which gives me a ltv of around 90%.

I called NR and asked for a redemtion quote for next March (when my fixed rate is up) which they are sending in the post. The bloke on the phone told me that if I was to go onto the SVR now, I'd be paying £450 a month.

Obviously, I know the SVR can change before March, but if it stays around that level, my payments would actually go DOWN by £60 a month.

Should I still remortgage? Is it still worth my while by the time I pay any arrangement fees/valuations and £250 to get released from NR? I've compared remortgages online, and I doubt I'd get one paying any less that what I would be with NR, although THEY won't be able to offer a new deal.

I'd be grateful if somebody could help me with this. I've never remortgaged before and I live on my own so don't have anybody else to worry about this with!! Thanks.

feisty1

zuzuspetals...........You have identified that yr payments are going to go down by £60.00 A point to consider is tp stay with NR but carry on paying what yr paying now, this will have the effect of overpaying yr mortgage.The good thing with NR mortgages is you can overpay, underpay, borrowback etc without incurring penalties & the svr may come down again after the bank of england meet in january........... vbmenu_register("postmenu_16927113", true);