Mortgage advice.....

Dan29

Ty,

How much longer does the redemption fee apply for?

AircraftHandler

It ends next June when the Fixed rate term of 2 years ends.

Regards

Ty

Dan29

Presumably the fixed rate isn't 6.19%, that's the APR over the whole 35 years?

Is the mortgage repayment or interest-only?

mleonard79

If you have early repayment charges of over £3000 I'd have to say it would be better to wait until the end of the fixed period and then remortgage as it's hard to think of any deal that could save you enough to make it worth your while. The experts may know different but that would be my gut feeling especially since you have less than a year until the ERC's are no longer a problem.

goldbyron

I am currently applying for a fixed rate for 3 years with Brittania BS at a rate of 4.74% and arrangement fee of £399.

AircraftHandler

Dan29 wrote:

Presumably the fixed rate isn't 6.19%, that's the APR over the whole 35 years?

Is the mortgage repayment or interest-only?

The fixed rate is 6.19% then when the fixed rate term id over it goes up to 6.59%. That is high i know but we had to take that because of the £20500 unsecured loan that came with the Mortgage.

Dan29

I think mleonard79 is probably right that it won't be worth switching until the end of the fixed rate period. I can't find a mortgage calculator that will work out payments over 35 years, but obviously you'd need to save over £250 a month on the new rate to make it worth switching, which sounds a tall order - any experts here who can advise?