Mortgage advise

Alannah86

Hi there, new to this and looking for some advise.
When I bought my flat I went through an independent financial advisor and got a fixed rate mortgage for 7.04% for 5 yrs. This was 3 yrs ago and as a 1st time buyer i was advised this was the best i was going to get at the time.When I called my mortgage supplier I was advised to change the rate there would be a large charge.
I was wondering if anyone had advise on what I could do. Is it worth while looking at other mortgage companies / rates, would any pay the charge or Should I just wait until my fixed rate deal comes to an end.
Thanks

kingstreet

Remortgage products, those available to you moving your mortgage from one lender to another while staying in the same property will depend on what we call your loan to value.

To calculate this, you need to divide the amount of outstanding mortgage by the current value of your home. The lower the figure, the better the deal.

Get an idea of how much you'd save by moving taking into account the early repayment penalty, then compare it with the continuing payments on the fix. A new lender will not pay your penalty.

That should give you a good idea of stay v go.