Mortgage Advice - To Switch or To Not Switch

paul67kestrel

Good Morning,

We are looking for a bit of advice if possible. Currently we are on a Tracker Mortgage with Barclays at 2.49% and also we have a reserve mortgage at 6.28% that runs along side the main mortgage. We owe approx £44,000 on the main mortgage and £7000 on the reserve. Our payments each month are £382 for the main mortgage and we pay £100 per month for the reserve. We have recently started over paying £100 per month on the main mortgage (so £482 total) which we hopefully can increase in the next few months.

Do you think it would be a good idea to remortgage both onto a new rate with the way things are going at the moment?

Best mortgage we can find is with First Direct - 3.28% - fixed for 5 years at a cost of £470 per month with a £490 booking fee.

Hope that makes sense and any advice would be greatly received.

Thank you.

paul67kestrel

Sorry not sure if you need this information also. Our house is valued at £230000 and we have 11 years left on the mortgage.