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Mortgage Advice
Purplenails_2
Posts: 11 Forumite
I finished a fixed rate last year and went on to the SVR with Chelsea (because it was the only thing they didn't charge a fee to do)
However, my SVR is currently 5.79% but they are now offering to put me on a new 5 year fixed rate of 4.69% with no charges. It would reduce my monthly payment by £75 immediately.
What do you guys think? Is this a good deal?
However, my SVR is currently 5.79% but they are now offering to put me on a new 5 year fixed rate of 4.69% with no charges. It would reduce my monthly payment by £75 immediately.
What do you guys think? Is this a good deal?
0
Comments
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If you don't intend selling its a good deal IMHO.
5 years is a good time period - I wouldn't want to be fixing again in 2 years in case prices drop further. 4.69% is a good rate historically.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
It is a 19% reduction in your interest rate.
Consider continuing to make monthly payments at your present rate so that you do not get a big jump in payments when , and if, interest rates rise................................I have put my clock back....... Kcolc ym0 -
Thanks. We don't intend selling for a very long time, so I think I might go for this.0
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