Which A + L mortgage would you pick?

crystaltips_68

Hi all! I have already had my mortgage offer from the A+L, but am now doubting my choice. Here it is;

£120k mortgage, £65k deposit, over 27 years.

Choices;

4 year fixed rate @4.99%, £680 per month, £1000 arrangement fee


3 year tracker currently at 2.79%, £532 per month, £1000 arrangement fee

Which would you pick??

Thanks!
:beer:

getmore4less

Asuming the same follow on rates

3 year tracker and pay £680+pm

crystaltips_68

Thanks, thats my thinking too! Just hope my mortgage advisor agrees, i am set up for the fixed rate one! Seeing her tomorrow to hopefully swap. Dont think i can overpay for the first 6 months though, and obviously it's base rate dependent!

dimbo61

Check out the overpayment question carefully and overpay as much as you can or you are allowed.

crystaltips_68

Just saw my mortgage advisor, and swapped to a flexible tracker, at a current rate of 2.79%, tied in for 3 years, fee of £995. Monthly payment of £532. I am chuffed with this as i can overpay immediately and take that overpayment out should i need to, eg when my tax bill is due!