Mortgage advice

depressed_of_lincolnshire

okay here's the abridged version of a post on debt free wanabees!.
Self employed, in the poo with about £20k debt. House is worth approx £180k and I have seen the light and aim battling. reduced outgoings, and cutting back everyhwere.

(Patience I will get there in the end)

so part of it is my mortgage deal ended about 10 months ago - like a prize sharp object I just paid the increased amount. After enrolling here and getting savvy I am negotiating where I can. I am with ABBEY and paying 7.2% phoned them on Friday asked for a better deal and would prefer fixed (5 years left on mortgage and would prefer to know how much I will have to pay in this scarey time)

They offered 6.2% with a £395 set up fee. takes the payments from £587 to £528. Fixed for 5 years. Now I am sure I can probably get better than that but my present financial state I think I would be turned down. (I am trying to borrow £5k to pay back someone and no one will lend it me. Even with about £110k equity and an excellent credit record.

Do I just swallow the 6.3% and save £60 or do I do something else.

mortgage details

£35k on endowment £47 per month ends june 2013 and is currently £19k short
£9.5k on endowment £19 per month - amazingly on target ends October 2013
£25k on repayment ends oct 2017 outstanding amount £24k

Abbey say their rates are going up on Tuesday (sounded like a pressure move but probably true)

okay over to you guys and girls - please type responses slowly as I am not the most mortgage savvy as you may have guessed!!

Thanks

chrissiewants2save

It's always worth looking around. Banks etc sometimes rely on customer apathy (not that you are) and sneakily make money. Some have got better and send reminders when b4 deals expire.

my current deal expires in June. I've been on 4.9 for for sometime now. It worked well for me because not long after taking it on rates caught up and overtook.

Taking out a fixed for a 5 year period when rates are not low can be a risk. I'm trying to get a vibe, my own gut instinct, (has anyone got a crystal ball) to see how things may go. I've been offered 4.89 with HSBC rate matcher but with a fee. Better than the HFX. Fixed or tracker is my dilemma.
Hope it works out well for you