re-mortgage?

want2bmortgage3

without doing much research myself i thought i'd ask a question in the hope of a general yes/no answer. again the boe interest rate has been lowered, meaning tracked mortgage holders are laughing compared with fixed mortgages like mine. i'm currently paying £650 a month at around 5% fixed for another 3 years. obvioulsy i can pay the redemption fee of £3300 and re mortgage.

so my question is, with the interest rate being so low, does it work out well to re-mortgage (paying the redemption fee) to get a new mortgage at a much lower interest rate? as i said earlier i havent researched what sort of rates are available and what LTVs but someone here must know! my mortgage is currently £105000 and value around £140000.

Robert_Sterling_3

You will not know whether it will work out well until it has worked out which it will take two years to do.

I do not know what will happen tomorrow let alone to your mortgage over the next three years.
So, for that reason, I am out.

beecher

5% isn't a bad rate - the 5 year fixed rates around at the moment aren't much less and have a hefty arrangement fee. You'd be paying over £4000 and not paying much less.