What is the best thing to do?

locky_3

I have a mortgage for £155,000 which is split into £76,000 interest only and £79,000 repayment. The mortgage is a 5 year fixed at 5.19% with Abbey National, the 5 year term ends in November 2006. Should I look at remortgaging now, what is the best deal? My primary need is for lower payments (currently £800 / month) , I do not want the term to be more than 20 years and my endowments (like most) are not going to pay nearly enough! I have read the MSE Remortgaging guide but would appreciate some comments from others.

Thanks

herbiesjp

What penalty would you have to pay to get out of the scheme now - phone Abbey to find out.

My guess is that it will not pay to get out now because of the penalty - but if you can get the figures we can certainly have a look for you here on the board

locky_3

The redemption cost at the moment is £6,769.00 so I am guessing that it may not be worth changing?