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Advice on first mortgage
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fossman
Posts: 364 Forumite
We are buying a new build house and in April we needed to have a mortgage offer in place so we could exchange contracts.
We went for a fixed rate of 4.59% with Alliance & Leicester until April 2008.
The mortgage has not yet started as the house is not finished and with the increase in interest rates I wondered whether we would be better off getting a new mortgage offer.
The one I was looking at was 10 years fixed at 5.18% with Nationwide, this would cost us £40 a month more than the 4.59% mortgage but we would not have any remortgaging costs in 16 months time.
Our mortgage advisor has said he woudn't touch it with a barge pole but I wonder if this is just because he will miss out on commissions when we remortgage.
Your views on this will be greatly appreciated.
We went for a fixed rate of 4.59% with Alliance & Leicester until April 2008.
The mortgage has not yet started as the house is not finished and with the increase in interest rates I wondered whether we would be better off getting a new mortgage offer.
The one I was looking at was 10 years fixed at 5.18% with Nationwide, this would cost us £40 a month more than the 4.59% mortgage but we would not have any remortgaging costs in 16 months time.
Our mortgage advisor has said he woudn't touch it with a barge pole but I wonder if this is just because he will miss out on commissions when we remortgage.
Your views on this will be greatly appreciated.
Cashback earned
Quidco : £858
Pigsback : £20 and a Beatles CD.
Quidco : £858
Pigsback : £20 and a Beatles CD.
0
Comments
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we fixed for 7 years in 1993......at a rate of 8.65%!
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