further advance advise

paulgray_is_a_covermaker

Hi Guys,

I am hoping that someone on here could help out a newbie on here?

My current situation is that I am fixed into a 5 year term at about silly percent (almost 6!) which I had to do due to my wife training for 4 years to become a nurse.
We owe 55k and the house is worth about 180k.The term runs out in July next year and I have a £1800 early payment charge.

We have a total income of around 55k and have 1 credit card (on 0%) which will be paid off in 2 months and no other debts.


We want to buy a yacht and I have spoken to our current lender (nationwide) and they are happy to lend us up to 55k (we want to borrow around 20k-24k tops)
They have offered me a rate of 3.89% (but I was silly not to ask if this was a fixed term rate and over what period )

My question is do I have to stay with my leader to borrow or can I look around for a cheeper rate from other lenders ?
Is there a rate that would be worth paying the early payment charge?

I would be very grateful for any helpful advise on this matter.....

Kind regards Paul Gray

_Andy_

You could look at other lenders but this will involve changing lender for the main mortgage too

Thrugelmir

paulgray_is_a_covermaker wrote: »

(but I was silly not to ask if this was a fixed term rate and over what period )

Suggest you ask. As may well influence your decision!