Should I get out of current deal......

Nassar

to take advantage of the interest rates at the moment.

I was a FTB and I'm halfway through a three year fixed with nationwide at 4.9% I took it out for 30 years (ouch). I have looked at other deals like the first direct two year fixed which would save me roughly £200 a month, but maybe I should go for a five or a ten because of interest rates being so low. Plus i doubt they will be this low when I get to the end of my current deal next October! Stick or twist?

beecher

4.9% is a pretty good rate - 5 year deals are unlikely to be much cheaper. What's your LTV? How much of an Early Repayment Charge would you have to pay?

Nassar

LTV is about 65/35 and the ERC is around £3000

beecher

I can't see the 2 year deal being worth it once you've added fees. A 5 year deal for your LTV is likely to be fairly close to what you're already paying. I can't see the benefit, other than you gambling that rates will be sky high by next October. Does the ERC come down by quite a bit by this October? If so it might be an option to look again then.

Nassar

Thanks for your reply I'll look into it

Nassar

!!!!!!, just checked my paper work again and its not 4.9% its 6.18%, numbers...not a strong point. till october 2010