B & B Mortgage

mealmond

I have a ten year fixed mortgage with B & B/ Mr Brown at 5.59%, this has been running since 2008.

Just as last year, from Feb 2010, I have the option to look for another lender, I presume they would like most of their customers to change lenders.

I did look at changing last year to Abbey but the loan to value did not work out.

I owe appx £59,000 but the property being worth, £78,000, at worst, but valued at £95k on the last remortgage.

I am fine the with the repayments and although the rates have dropped a lot since I signed up for this deal, knowing what my monthly repayments were for the long term suited me.

I am not in a rush to change but thought as the oportunity has come up I may as well have a look.

Any suugestions where to start?

Another fixed term deal would be my preference, at least five years.

Thanks in advance.


Martin

dimbo61

You got at the time you took out the 10 year fix a good deal with your LTV and the deposit you put down.
You can afford the payments each month YES
Unless B & B are happy to let you change to another lender without any ERC ( early repayment charges ) I would stay where I was and overpay as much as possible or are allowed.
Can you afford more each month ?
Could you reduce the term and hence clear the mortgage much quicker ?
Taking out a new 5 year fix with another lender will cost at least £999 in fees plus all the other costs ( overpay !)