Base Rate Tracker - good?

longbaygirl

We owe £109,000 on the mortgage (probably about one seventh or less of the property value) and the Alliance and Leicester have just put us on one of their 'standard' repayment products which is 0.8% above the Bank of England base rate. This is costing us well over £800 a month.

Should we stay or should we look elsewhere?

We are looking for a 20 year repayment product (or less), fixed for a few years. Something that is not going to cost an arm and a leg in set-up costs and fees.

Any suggestions?

herbiesjp

SO yo are paying 5.8% on a variable deal

I would think you could still get some good fixed rates with most of the fees paid for if not all.

All subject to you current circumstances, but the loan to value is very low

HTH

longbaygirl

Ops - should have said we want a 15 year term.

Spoken to A&L and the best they can do is a 3 year fixed at 4.99. Does not sound that great to me.....................

herbiesjp

What fee to go onto that rate?

You will find that fixed rates will all be starting to go to similar levels - some cheaper ones, but none of the fees paid for.