help!! should i switch my fixed rate as im on 6.04???

jennywren00899

well ive been in a 10 year fixed deal since 2007 at a rate of 6.04 & i borrowed abit more for an extention last year at 3.69, now my house is worth £200k & my morgage is 82k, ive rang up britania & they want 3k to get out of my fixed deals.... so in theory i need a new morgage of 85k ideally on a 5 year fixed, what should i do, my current payments are £654 pm & have 15 years left, any advice would be fantastic

amnblog

Sounds like you need to drop your rate by about 2% to benefit which should be easily manageable.

Thrugelmir

While you consider your options making overpayments to your mortgage would be beneficial. That's if overpayments are allowed of course.

MLSY

Hi Jenny
How much is owing on the old rate and how much on the new rate ? Speak to a broker they will be able to work out if a saving can be made quite easily