Discount Mortgage help

bigjeff

My wife and I have a Two yr fixed rate mortgage thats about to run out in the next month and so now we are looking for a better deal than we have had.

The woolwich offered us a tracker with a 10% discount and no fee for swopping over, but everytime the intrest rate rises, so does our mortgage and visa versa, should it drop.They said this was for life and should you wish to swop over at any time, even the very next month, there is no fee to pay.

Now this seems reasonable, but with offers over the tv and in the papers, i am stuck at where to go.

In the long run, we want a fixed low rate that wont budge for how many yrs or a mortgage that we will save money on.

Out monthly mortgage at the moment is £761 and if we swopped over to the tracker we would still be paying the same money, untill such times as a rise occurs.

So if anyone has any information with regards to better offers, please throw them my way.


many thanks

jeff

herbiesjp

If you know you want the security of a fixed rate, and made that decision, then you should focus on those deals only.

What figures are you talking about?

bigjeff

Our current mortgage stands at £105000 and we would like to pay less than our monthly outgoing of £761 and have no ties ins and no fees to pay.

herbiesjp

What is the property value

What are your two incomes?

bigjeff

Property value, £170,000


Incomes together, £60,000

herbiesjp

Assuming you have no other debts in the background, you have got pretty much the pick of the market based on those figures.

The lowest deals will have higher fees, so it may be worthwhile looking for slightly higher deal with lower fees.

Over what term did you need the mortgage?