Ditch your fix? Sometimes mortgage rates drop so much that it can be worth paying to get out of your current mortgage deal to switch to a new one at a lower rate. This calculator tells you what rate you’d need to get to make it worth it, factoring in early repayment charges and other fees (we assume your current rate doesn’t change).
The base rate currently standing at just 3%, its lowest level since 1955 — and there have been hints that there may be more cuts in the base rate to come. Great news for those of you on variable rates — and also, for those of you who need to remortgage now. You can switch to a tracker or discount mortgage and benefit from any future falls.
Axed: Those can shift on to a lower rate deal may benefit from leaving their current fixed rate mortgage Even those who signed up to five-year fixed-rate home loans in January could lower their…
2/15/2017 · I have checked the MSE Ditch the fix calculator and it said that I should ditch my fix I can find a mortgage with a rate less than 2.45%… My circumstance is that I am moving home and borrowing more for the purchase (new build and purchasing free hold), I currently have a 5 year fixed mortgage with TSB with a few different rates and end dates …
A mortgage price war has been raging. With record-low rates on offer, borrowers locked into a lengthy fix that pales in comparison to the latest deals might be wondering whether they should pay the, Although fixed rates are generally portable, one has to be able to meet the lender’s criteria at the time of the planned move to be allowed to move the mortgage . Andrew Montlake, from broker Coreco, says: Care should be taken to weigh up the pros and cons.
7/24/2012 · Dear Dr. Don,I am having trouble deciding whether to refinance at today’s low interest rates .The decision seems easy until I factor in all the costs to refinance. I am in a seven-year interest …
3/11/2009 · It is important to ensure that you switch to a suitable product. If you chose a fixed rate before it is likely that you should choose a fixed rate again. I think this should be added to the disclaimer on the calculator. Now is not the time to switch to a tracker. The BofE base rate cannot fall much more and you will only track upwards.
4/7/2009 · At present, half of the mortgage is on a fixed rate of 5.95% for three years (it expires May 2011) and the other half is on the standard variable rate of 3%. To get out of the fixed deal early …
3/13/2009 · The absolutely worst thing anyone can do, IMHO, is to ditch and switch from a fixed rate they can definitely afford, to a variable rate which saves them a few quid only if rates don’t go up again. That defeats the whole point of buying a fixed rate for certainty.
