Should we remortgage or not

leighliz

Hi not posted here before so hope someone can help.

We have a 2 year fixed mortgage with alliance and leicester which is not due to end until April 2010. It is for approx 80,000 at 5.79% and the current value of our home is 250,000.

My question is would it be a good idea to switch now and pay the 1500 redemption fee and if so go for another fixed or a tracker. We have always had a fixed mortgage in the past but with the low interest rate not sure whether a tracker would be a better deal.

Any ideas and help would be very welcome. Thanks

beecher

Your mortgage is too small for a change to make much of a difference I'd think and 5.79% isn't that bad a rate. If you have £1500 to play with, why not overpay your mortgage by that amount?

Robert_Sterling_3

You would need to get about 2% off your current rate to break even. Bot you might have other costs.

If you want a yes or no answer mine is no.