is it worth me switching?

jamesp31

Hi

I've got a mortgage with Natwest, I have an outstanding balance of £120000. LTV is 75%. Im now on the svr of 4.00% after my fixed rate came to an end. I am guessing that 4.00% is probabably pretty hard to beat, but I would like to try and reduce my monthly repayments, currently £520 per month. Am I likely to get a better deal elsewhere? Any advice would be greatly appreciated!

Lubylu_2

Yes probably there are some great tracker rates which would reduce your rate to approx 1% and would track the Bank Base Rate, there are some pretty good deals out there go see an IFA to get the best advice, save yourself time and stress. It really depends on if you want to fix it or track it.

beecher

Lubylu, who is offering a tracker of base rate plus 0.5%? Surely only people who got the deal last year or before? For an LTV of 75% I'd have thought it would be nearer base rate plus 3% which might be fine just now, but what happens when base rates go up? If the OP is trying to cut back on costs, it might be a bit of a gamble.

_Andy_

Lubylu wrote: »

Yes probably there are some great tracker rates which would reduce your rate to approx 1%

Could you clarify which lenders are currently offering BOE+0.5%?

jamesp31

not sure if I want to take a gamble on the tracker, as knowing my luck the base rate would rocket! Think I will take a trip to our local mortgage advisor.