is this a good deal ?

emailuser

want to remortgage due to house extension , currently with derbyshire on SVR, the Penrith are offering a fixed rate of 3.65 fixed for 5 years , 0.5 early repayment charge in year 1 only , £250 valuation fee .. sounds very good to me .. any thoughts ?

beecher2

Are you sure it is fixed?

http://www.penrithbuildingsociety.co.uk/mortgage_rates.php

The Society will give a discount of 0.5% from its standard variable rate for a period of 5 years from the release of the initial advance. At current rates the initial rate charged would be 3.65% increasing to 4.15% on the fifth anniversary of the loan. (Typical overall rate for comparison 4.14%).

The minimum loan is £30,000. Any redemption or overpayment made to the mortgage within twelve months of the initial advance will be subject to an early repayment charge of 0.5% of the amount of the advance in the case of a redemption or in the case of a capital repayment 0.5% of the amount overpaid. After the initial twelve month period the mortgage may be redeemed or overpayments made without penalty.