Remortgage away from 5.39% west brom?!!!

GAFFER

Tied in to a fixed rate of 5.39% with west brom for another 4 years. current redemption pen = £6k.

We owe 100k and home worth more than double that.

I wondered if you thought it was worth re-mortgaging. Ive done the maths through the calculator and it would appear(despite the heavy redemption penalty) to doso. (albeit not by a mile)

Would welcome any views you may have and thank you in advance for any opinions/advice

Simon

Thrugelmir

Have you allowed for costs of remortgaging?

Are you certain of obtaining the new rate?

GAFFER

Hi Thrugelmir, Thanks

yes and yes to those 2 questions. Its tight but i'm just about ahead of the game if i move lender.

Just thinking with rates expected to start going up in say 2 years time, it may be worth going for say a 5 year fix.

Ryantymon

GAFFER wrote: »

Hi Thrugelmir, Thanks

yes and yes to those 2 questions. Its tight but i'm just about ahead of the game if i move lender.

Just thinking with rates expected to start going up in say 2 years time, it may be worth going for say a 5 year fix.

We are hoping they dont move much in at least the next 2 years!

As you're the at the lower LTV stages though rates have been dropping recently. Why not get in touch with a advisor and let them do the maths? Need to make sure the numbers make sense.