5.19% 5 yr fixed - good deal?

fluffymuffin

I currently have 1yr 5 months left to run on a 3 yr fixed term at 5.99%

as i've posted elsewhere I've been offered by my building society - the Britannia to transfer this to a new 5 yr fixed deal at 5.19% or 10 years for 5.09% and they will waiver any early repayment charges on my existing mortgage and no arrnagement fees on my new one.

Its fully portable - which I was worried about for being tied in. I dont have much equity in the house - maybe 10-15% - my initial research tells me this ain't a bad deal - it would save me about £85 a month which would help me a lot. Any thoughts on if this is a good deal? I'm tempted to go for it?

Thanks for your thoughts as ever

Jacka87

There are better 5 yr deals than that however most will require a lot more equity. Therefore this is a pretty competitive deal considering your loan to Value (ltv). Try looking through some of the other forums cos they already have some deal info on there.

However the main saving you have is that you dont need to pay the early leaving fee. Ifyou have a year to go most mortgages seem to have the fee at around 1% of the mortgage, so lets say you still owe a 100k that would mean 1k fee. Consider that when you look at other providers. Or think of it as an extra £200 per year on your new 5yr fix that you would have to pay to get a better deal else where. So unlikely that you will beat this unless ypu wait until your deal expires, however knowbody knows what interestrates will be by then!