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Remortgage or SVR?
skelt6or
Posts: 14 Forumite
My currrent Halifax Tracker dicounted rate comes to an end in the summer and I was looking for some opinions.
In light of the current financial climate, do you think it would be better to remotgage to another discounted rate deal which would cost me about £800/month or move on to the Halifax's SVR which would cost me about £820/month.
I am asking because I believe that if I stay on the SVR, am I not paying back more of the principal than interest as opposed to staring a new deal and paying more interest than principal for the next two years.
Also, in 10-12 months, the "Credit Crunch" could be over and banks will be offereing better deals then.
What are your thoughts?
In light of the current financial climate, do you think it would be better to remotgage to another discounted rate deal which would cost me about £800/month or move on to the Halifax's SVR which would cost me about £820/month.
I am asking because I believe that if I stay on the SVR, am I not paying back more of the principal than interest as opposed to staring a new deal and paying more interest than principal for the next two years.
Also, in 10-12 months, the "Credit Crunch" could be over and banks will be offereing better deals then.
What are your thoughts?
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