Deal ended need advice

scottish_lass

Our deal has ended and now on 2%+ Bank of England base rate = 2.5% still have 15 yrs on mortgage 94000 to pay house value 160000. Not sure if it’s worth moving and having fees to pay as I think over the year or two it would work out about the same. Don’t have much of a clue re this stuff used a broker before and thinking about it again but would like to save paying out. Any advice appreciated Thanks

ViolaLass

Use a mortgage calculator, compare the numbers.

getmore4less

Which lender?

Not all brokers, retention deals and remortgages have fees.

over the 15years

£94,000 @ 2.5% £627pm interest £18,821

BAse + 2% is now the top end of the OK rates there will be option that will save money in the sort term and are lowish risk longer term in that you should still find something below the old tracker rate.

Under 60% LTV so should have access to decent rates.

For example if you could find a 2% 5y fix.

amount owing and interest paid
£94,000 @ 2.5% £627pm £66,474 £10,094
£94,000 @ 2.0% £627pm £64,347 £7,967

Any plans to move.
Can you afford to overpay?

dimbo61

It is hard to give" Ideas " as we are not allowed to give ADVICE Forum rules.
Without a full fact find of all your circumstances.
I.E. age, income, savings, LTV, pension, kids, long term plans etc etc.
You might want the security of a 5 or 10 year fix or you might be checking right move every day as you have plans to move this year.
Are you living in a 5 bed country house or tiny one bed flat in Glasgow city centre ?
Are you struggling to pay the mortgage or saving £1,000 a month ?
You could be 21 or 61 and in secure employment or Zero hours contract !
Maybe a little more info or consider a whole of market mortgage broker.