Change from fixed mortgage to varaiable/capped???

jogwood_2

Hi this is just a general 'wonder'! I am currently in a fixed C & G mortgage until 31 Dec 2010 (5.97%), and I was wondering if I should remain on this or think about switching. With the interest rates dropping as they are, I feel I am missing out on the benefits of this with all other bills getting bigger, etc. I would have some penalties to pay also.

Does anyone have any advice?? Is it wiser to just stay put??

Thanks

beecher

You need to find out what Early Repayment Charge you'd be facing, and also factor in the arrangement fees on any new mortgage you set up. Work out how much money you'd save per month on a new deal, and then see if the maths adds up.

5.97% isn't that bad a rate overall so depending on the size of your mortgage there may not be any savings to make.

nesssie1702

you need to do the sums involved.

BMR may not be available to you with a new provider and you'd have to check with C&G to see if they're happy for you to go onto their BMR too