Does this mortgage switch make sense?

sturgeon

I am on the Halifax SVR (currently 3.99%). I have a LTV of 43% according to them (though I officially am on shared ownership, which in my calculations tips me about half a % under 75% LTV but).

They can offer me a 2 years fixed rate of 2.69%. I could remortgage but to be honest an ongoing issue due to a default placed on my credit file by Santander, still under investigation by the Financial Ombudsman, means I'm unlikely to be accepted by another lender. So this sounds great to me, especially as the rate is incredibly competitive in itself.

I don't imagine I'd move home within 2 years anyway plus the default drops off April 2015. So does this sound like it's worthwhile? It says there are early repayment charges until the 31st August 2013, does that mean if I did theoretically move home before then I'd have to pay a penalty?

Dave_the_Ginger_Cat

I would recommend it as a low hassle way of saving money, certainly in the short term. Rates may go up, but that is always the risk you take

If you did elect to move, the Halifax I expect would let you take the scheme with you. You don't mention balance, but I have just saved about £60 per month by one phone call by taking this deal on part of my mortgage