Re-mortgage - Should I stay or should I go?

georgeb_2

I currently have a woolwich lifetime tracker mortgage of +0.19% for life of the mortgage which I thought was a good deal back in October when I took it out. However now with rates rising etc. I'm starting to think I made the wrong decision - hindsight is a great thing eh? Anyway now looking at moving to ING Direct's offer of variable 5.14% (altho I realise this can & probably will go up). I don't particularly want to pay any set up fees which is why I'm looking at ING. Or maybe I'm worrying about nothing and perhaps the woolwich lifetime tracker is still good?
Any comments would be apreciated.... My mortgage is for £62.5k over 18 years.
Thanks in advance....

MarkyMarkD

A lifetime tracker at BBR+0.19% is a bargain rate. You chose it with good reason.

Choosing a DIFFERENT product which isn't even a tracker, but is still variable, doesn't make any sense to me. You will be sacrificing the guarantee of a link with BBR for a rate which ING can increase by almost 1% over and above any BBR increase if, and when, they choose to do so.

Additionally, your mortgage is relatively small so the costs of switching elsewhere (whether explicit or within the rate) will be proportionately larger. And yes, I know that the ING product has no fees, but I don't believe that the rate will be sustained.

georgeb_2

thanks for your comment. Must admit I think it is a good deal I'm on, just getting a bit nervous with the rate rising. Think I'll wait for a few more months before considering my options.
Cheers