Is it decision time yet?

jacobia

I have a mortgage with A&L for £148k. It is 2 parts:-
Part 1 is £68k ported from old house at 4.9%
Part 2 is £80k top up at 7%
They both have approx 18 months to run on them and I am told by A&L that there will be a redemption charge of approx £4k to come out of the current deals. I need to make a decision wether to continue as I am or to switch to a better fixed rate deal whilst fixes are so low. Any guidance to the pros and cons would be greatly appreciated. Also, although I am gamefully employed, if I were to lose my job am I able to just switch to paying interest only as a stop gap?

1978

jacobia wrote: »

I have a mortgage with A&L for £148k. It is 2 parts:-
Part 1 is £68k ported from old house at 4.9%
Part 2 is £80k top up at 7%
They both have approx 18 months to run on them and I am told by A&L that there will be a redemption charge of approx £4k to come out of the current deals. I need to make a decision wether to continue as I am or to switch to a better fixed rate deal whilst fixes are so low. Any guidance to the pros and cons would be greatly appreciated. Also, although I am gamefully employed, if I were to lose my job am I able to just switch to paying interest only as a stop gap?

it depends on your LTV.

your rate evens out at 6.04%. depending on the lender and the LTV you might not actually get a deal that is considerably better than that?