mortgage advice

Paulllllll

Hi all

I wonder if someone can help me. I one of the lucky few that nabbed one of those just above the base rate Woolwich/Barclays mortgages before all the fun and games in 2008. I'm now re-mortgaging, borrowing an additional £70K but as the LTV isn't favourable (existing mortgage plus equity £230K buying price £310K) I'm being offered for the additional mortgage a 4 year fixed at 6.19%. Is it worth me jumping ship on my exisitng mortgage to get a better deal?
Any advice gratefully received.

kingstreet

You need to compare the rate of the existing mortgage amount plus the rate for your additional borrowing, against the rate you could get for a whole new mortgage elsewhere.

6.19% is a very high rate for the extra money. Don't Barclays have anything better than that for you to choose from?

Are you remortgaging, or are you getting a further advance? What's the extra money for? At an LTV of 74%, you should be getting better than you've said.