We feel very squeezed as our mortgage is heading for a big jump in November but we can’t work out which deal to takeQ My husband and I are remortgaging in November. Our options aren’t the best. We’ve been offered a two-year fixed-rate deal at 5.64% with a product fee of £1,249. If the fee is added to the loan, the monthly repayment is £1,837, or £1,830 if it’s not. The alternative is a five-year fixed-rate deal with an interest rate of 5.23% and product fee of £1,249. If the product fee is added to the loan, the monthly repayment is £1,745 and £1,739 if it’s not.My question is would it be better to remortgage with the two-year fixed-rate and hope interest rates are lower when we come to remortgage again or go for the five-year deal which works out less a month at the moment but for a longer period of time. Continue reading…
Source : theguardian.com
Read more…Should we take a two-year fixed mortgage or a cheaper five-year deal?
