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Fixed Mortgage Question
davidkingston147
Posts: 8 Forumite
Hi all
In 2012 we bought our first house and got a 5 year fixed rate mortgage at 2.99 from Santander.
We have 2.5 years left but wondered is it worth remortgaging with a new lender at a lower rate? I'm seeing lots of adverts for rates below 2%, even as low as 1.49%.
I assume Santander will penalise us somehow for switching?
They do a weird thing where if you want to discuss your mortgage in the branch, they make you call an outside number which is sometimes engaged and you have to wait a long time.
Anyway, thanks for any advice.
David
In 2012 we bought our first house and got a 5 year fixed rate mortgage at 2.99 from Santander.
We have 2.5 years left but wondered is it worth remortgaging with a new lender at a lower rate? I'm seeing lots of adverts for rates below 2%, even as low as 1.49%.
I assume Santander will penalise us somehow for switching?
They do a weird thing where if you want to discuss your mortgage in the branch, they make you call an outside number which is sometimes engaged and you have to wait a long time.
Anyway, thanks for any advice.
David
0
Comments
-
Get your paperwork out and see what the penalties are for leaving and what the follow on rate will be when the fix ends.
Then run the numbers0 -
davidkingston147 wrote: »I assume Santander will penalise us somehow for switching?
Check that first on your mortgage offer and I suspect you will find that the penalties make this a bad idea.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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