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Is this a good deal???

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  • Is this a good deal???

    I am currently on a fixed 3 year deal due to expire in July 2011 with quite hefty early redemption charges.
    I've been offered a new 2 year fixed deal which is £200/month cheaper but increases my mortgage by circa £8500 with charges, valuation fees, broker fees etc.
    My gut feeling is that I'm better off on my existing mortgage and try and secure a new deal, which I believe I can do approx. 6 months before the end of my current mortgage.
    Am I correct in what I am thinking???
    Also I've already stupidly signed some application forms for the new mortgage - am I still liable for broker fees and valuation. The only money I've actually paid over is a £99 cheque to the broker.

    Thanks in advance

  • #2
    Re: Is this a good deal???

    Those redemption charges usually make it pretty hard to change during the term without being financially penalised - as you are seeing.

    You're really going to have to do the maths here and determine whether the new mortgage offer really pays for itself - including interest on charges - to make the whole move worthwhile.

    Personal suspicion is that taking out a new mortgage will offer little or limited benefits.