Remortgage - Don't know what to do!!

dimbo61

Hi Sarah well thats good news from the WB mortgages SVR rate of 6.24% ( ripoff ) to a tracker of 2.49%
One hell of a difference
At 2.49% your mortgage payment should be £560 ( term 23 years ? £118,000)
At 3.89% Fixed mortgage payment should be£648.
At 6.24% SVR mortgage payment should be £806 a month.
The decision is yours stay on the tracker for a while or take the 2 year fix.
If you are paying about £699 a month now I would go onto the tracker BUT keep my mortgage payments the same and therefore overpay by about £140 a month.
Keep a carefull eye on the BOE base rate and take a fix if rates start to rise.
Leeds BS are doing a 5 year fix at 4,75% 75% LTV and fee £999
What can WB offer you over 5 years ??

Sarahx

Hello,

Your figures are spot on!! The 5yr they're offering is 5.49% = 742.36 pm. The attraction with not changing company is that there are no arrangement fees with either of the WB fixed rates.

I was thinking of doing what you suggest and stay on the tracker and jump ship as soon as things change to the 2 yr fixed and make any over payments to a loan (7.2% - £297.00 pm for another 2 & 1/2 yrs) so it will end sooner and when I come to remortgage in a couple of years I may also be in a position to move house or really overpay my mortgage then.

Sarah

dimbo61

Taking the leeds deal at 4.75 gives you £705 ( £119,000)a month and long term security
No good if moving house !