advice before I sign on the dotted line

alonso

I'm due to remortgage after a fixed tied in period

My new quote:

Total switch amount: £46,068.51
Repayment
Initial rate 6.390%
Fixed
Monthly £324.83

5 years fixed

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I'm happy with the monthly payment but not sure if the rate is good for a 5 year fixed period - any views/recommendations on the quote would be highly appreciated.

Jammasterjizz

Hi Alonso,

I presume those figures were given to you from your present lender. Is there an arrangement fee here? Usually, the fees are lower if you decide to re-fix with your current mortgage provider rather than remortgage with another lender.

The rate is reasonably comparable with other 'fee free' (no val or legals) 5 year fixes:

e.g.
Nationwide 6.18% (£599 fee)
Halifax 6.14% (£649 fee)

(Based on 90 LTV or less with no adverse credit)

Given the relatively small size of the loan, the additional costs and hassle probably wouldn't be worth changing.

alonso

Thank you soo much,

It's with my current lender Alliance & Leicester - no fees etc

I was concerned about signing up for 5 years with a 3% exit fee but then again it isn't alot on £46,000

Thanks anyway