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A&L Fixed Rate
atlantis187
Posts: 1,613 Forumite
Currently have a smallish mortgage with Alliance & leicester at £25k over 5 years. I'm currently tied into a 3 year fixed deal with 2 years remaining at 6.24%
Was wondering if it would be beneficial for me to pay the 3% ERC of the outstanding balance and get out of this rate and find a lower rate elsewhere?
Please advise, Much appreciated
Was wondering if it would be beneficial for me to pay the 3% ERC of the outstanding balance and get out of this rate and find a lower rate elsewhere?
Please advise, Much appreciated
0
Comments
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You would need to get a fee free deal and have your monthly repayments reduced by £62.50 to break even over the next two years if you pay the ERC.
A mortgage broker will be able to advise you if bigger savings are available. If they are not they will advise against it.0
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