New mortgage deal

Sunshine_and_Roses

I have just come to the end of a 2 year fixed rate mortgate with A&L, and they have offered me a new deal.

Can anyone give me some advice please?

Term left: 21 years
Amount left: £68,327

They have offered me a 5 year discounted rate of 1.8% below their variable, which would currently be 5.59%, making my payments £461.30 per month.

There are no tie-ins with this offer, but a one-off set up fee of £149. There is also the option of overpayments in the future, which may appeal to me if ever I can get my hands on any spare cash - I wish!

How does this deal sound?

Thanks

MarkyMarkD

It's a good deal given that the fee to switch is low, it's fully flexible, and there are no tie-ins at all.

Given that your mortgage isn't huge, you probably won't save much if any money by going for a sequence of shorter-term products, so this is a low-hassle option to choose.

I also have an A&L mortgage at the moment and I'm interested to see if this low-fee, reasonable rate, discounted mortgage stays available for when I want to switch.