Mortgage due for renewal September

Nixonl1

Hi
We have a mortgage which has been on a discounted rate for last three years took it out Sept 2006 current rate is 0.98000, which brought our mortgage down considerably, though we only took it out over 15 years.
I have been in contact with company today and rate will rise to 2.29%
Is this a good rate, should i stick with them, or start looking elsewhere?
It is a reypayment mortgage and the company (Wave Lending) decreased payments very quickly with all intrest cuts, so have been very happy with service.
Advise gratefully recieved
:rotfl:

anh1904

I will filp onto 5.79, so I'd murder for 2.29% ... seems a cracking deal to me.
Best I can remortgage to is still higher than your rate, so I am guessing you have wads of equity and low income multiple.

Nixonl1

Hi Thanks for that. what is low income multiple?

dimbo61

You are only borrowing 2.5/3X your income.
Well done on taking your mortgage out over 15 years ( or was that forced on you because of age !)
2.29% is a very good rate but if you can then overpay now while you are paying back mostly capital and little interest.

Nixonl1

Hi thanks. Yes it was forced although i am main wage earner and 50 this year, my husband is 5 yeras older so would only take us to his retirement age, so we do have a whopping mortgage, whilst also trying to support son through uni, but hey-ho thats life. Would overpay if we could and wish we had done when they decreased payments