Switching Mortgages

J

JimClare

Guest
Hi I have an existing house mortgage with EBS and i am paying 5% interest. I approached Halifax and they have told me that

"The Tracker rate for LTV less than 50% is 3.75% for the first year, and a goto rate of 4.65% (APR 4.64%) for the remaining term. "

obviously i will be better off with these but now EBS have come back and told me that they will offer me a mortgage which is 1% above tracker. Is it worth the effort of changing over for a 140,000 mortgage or what is the difference in pounds shilling and pence (or Euro Equivalent)
 
JimClare said:
Hi I have an existing house mortgage with EBS and i am paying 5% interest. I approached Halifax and they have told me that

"The Tracker rate for LTV less than 50% is 3.75% for the first year, and a goto rate of 4.65% (APR 4.64%) for the remaining term. "

obviously i will be better off with these but now EBS have come back and told me that they will offer me a mortgage which is 1% above tracker. Is it worth the effort of changing over for a 140,000 mortgage or what is the difference in pounds shilling and pence (or Euro Equivalent)
Click to expand...

Why not shop around all the banks? I'm assuming your mortgage is less than 50% LTV. Why not go to NIB and you'll get a rate of 4.25% (.5% above ECB)? Or go to a broker...just remember NIB do not deal with brokers so you will not be offered their products which are the cheapest.
I'm not connected, just switched to them myself.
 
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