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Should I switch mortgage?

martmart_2
martmart_2 Posts: 1 Newbie
in Mortgages & endowments
Hello, my fixed rate mortgage has just finished and I've now been put onto a base rate that has increased my payments by £300 per month! I would usually switch mortgage but am thinking of selling up and renting for a year so would incur large cancellation fees?

Can anyone sugest what I should do?

Thanks.

Comments

  • tom101
    tom101 Posts: 4 Newbie
    One idea is to look for a tracker with a better rate than you are currently paying but that has no fees and no tie-ins. You should be able to find one around 6%
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    Ask you current lender if they can offer you a deal with no tie-ins at all and minimal set up fees.

    Then you can compare against similar deals with other lenders.

    Paying an extra £300 pm is a lot of money, especially if you don't have to!
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, 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.
  • poppy10_2
    poppy10_2 Posts: 6,597 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    What is the interest rate now? And before?
    poppy10
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