Looking for new fixed rate to replace 5.98%

minority

Hi wondering if you can help with a little bit of advise on where to look for a good Fixed rate.

I am currently with Nationwide and have a ltv of 59%

To exit my fixed rate will be £2450 cost (22months left on it) and I have about £84950 left to pay.

I have done a quick calculation that says that if I can get a new 5 year deal say with intrest rate of between 3.7 to 4.7% I should save myself money and hopefully also hide myself from intrest rate increases and should save myself £100+ a month that I can put into my over paying pot (currently £200 a month).

I am just a bit dazzed by all the options wondering if there any recommendation for fixed rates or where to go for advisers.

Thanks for any help.

CloudCuckooLand

You aim to save £100+ a month. (Putting aside whether you can find a deal to save £100 a month, for a minute.)

So, in 22 months, you would have saved £2200, potentially more. Except, you would have had to find up front, or added to the mortgage and pay interest on, £2,450...

Doesn't add up, if you only save £100.

I haven't heard of any 3.7% deals recently. Not for 5 year Fixed. Using somewhere like http://www.moneysupermarket.com/mortgages the first 5 year deals come in around 4.5%. But I may have punched in guesses for some answers, that you could enter accurately and get slightly different results - try it out.

Whether 4.5% is low enough to save more than £100 a month depends on the remaining term of the whole mortgage, rather than just the deal. Play with the figures and deals you find, here http://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator

If it doesn't, then the Exit fee is too large to make it worth doing, I suspect.

Have your read the MSE Mortgage guides? http://www.moneysavingexpert.com/mortgages/