mortgage advice

unibumuk

Hi,

Me and my wife bought our first house in dec 2006 for 154000. 3 bed semi townhouse.

Our first mortgage was through a & l and was taken out on a 2 year fixed deal at 4.74% over 40 years. Since that deal ended we have been on their svr of 4.99%. Works out about £653 a month.

Ideally we'd like to tie in to something for the next few years to give us some peace of mind and ideally we wouldnt want to pay much more than what we pay now.

I earn 25k before tax and she earns 19k. Our mortgage has 132k left on it and 36 years. We have a good credit rating.

Can anyone give us any advice on what to do?

Thanks for the future replies

Peelerfart

Firstly,work out how much you can afford to pay per month.I forget the percentage of your take home pay that's considered comfortable but I think the figure is around 25% (If I'm wrong please someone tell me).
Also consider building up a savings pot of between 3 to 6 months money.

Then find a fixed rate, if that's what you want, and try and reduce the term of the mortgage.36 years is a long,long time.

Unless of course you've got lots and lots of savings already then there are other options.

CloudCuckooLand

Maybe start with what other deals A&L will offer you..?

If not attractive, shop around.