Is 5.79% fixed for 5 years rubbish??

sunsetgirl

Please can someone kindly advise...

The Halifax have given us a morgage review. We currently owe 28,000 on an interest only morgage our rate is a tracker at 5.7% and there is 16.5 years left on our 25 year morgage.

Their best offer for us is a fixed rate for 5 years at 5.79% no fee.

I know to most people this is a silly amount of money to be worried about but I have given up work to be a stay at home mum and my husband is on a low wage so we have to be very cautious with money.

We couldnt afford to pay any fees for remorgaging to a different lender but I dont want to be taken for a ride either.

I have looked at martins recomended morgage comparrison sites ....but I find them a bit confusing, any advice would be greatly apreciated


thankyou, sunsetgirl

herbiesjp

There are no details on your situation based around income - but I think there are quite a few better rates out there. Some may have small fees attached, but I believe the savings made on the rate will make up for this

charlieheard

The best deal changes almost daily, so you need to decide when you have to ""go firm" and take the best deal at the time.

The best source of information I have come across is the https://www.moneyextra.com site. This allows you to enter your current details and future plans (i.e. how many years you plan to stay with the remortgage), and gives you a list of the best deals, including fees. Coverage appears excellent. I used it 2 years ago to get a 2.25% discount for 2 years, so I'm now looking again. You should be able to fix for several years below 5%

Having said that, I always read the financial pages in the weekend papers for deals

sunsetgirl

Thanks Jumbo,
That site is easy to understand and I think I have found a better rate with Portman building society with no fees.
thanks for your info!