Product transfer

josecc

I have just entered the 3rd year of a 5 year fix deal with an interest rate of 5.99%
I have £74200 left on the mortgage or £76200 if you add on the £2000 early repayment charge. House value is approx 100k-110k.
I seen on my current mortgage providers website(Newcastle building society) that they have a 2 year fix deal at 2.46% with no early repayment charge and no completion fee.
Is this deal something I should be looking towards switching to?
Current mortgage payment £455

Thanks

noggin1980

you are paying 2600 more a year now in interest than after moving, so the 2k repayment charge seems worth it I think. But this is my first visit to this board so you might be worth waiting for confirmation from someone else.

Thrugelmir

Will the Newcastle Building Society allow you to add the product fee to the mortgage?

josecc

I'm not sure. I am just presuming they would.

Yorkie1

You also need to check with them whether they will, in principle, allow you to stay with them if you leave fixed rate product early. Some lenders don't allow a swap in these circumstances.