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Saturday, June 18, 2011

Switching my mortgage

I've been just filing some of my rental business paper work.  You know one of those jobs that sits there for months and never gets done until you either get fed up of the mess or you have a dreary Friday morning spare.

In so doing I came across my mortgage statement for one property.  The mortgage is with the Leeds BS and I was a little shocked to discover I'm acutally paying 5.99%.  The rate was originally on a 0.54% tracker which came to an end in the middle of 2010 and since then the Leeds has very kindly put me on their standard variable rate of 5.99%.  They must be laughing all the way to the bank with the margin they are making on my loan.  I'm not happy.


Action is called for. I noticed their website was advertising a 4.64% 2 year fixed rate on their website    so I thought I'd give them a call to see if I could swap.  No sir, that rate is only available to new mortgages and not remortgages.  The best deal for me was their 6.29% for a 5 year fixed rate deal.  This comes with an admin fee of £1068.  I'm tempted just to guard my portfolio against rate rises in future years.  However what I really need to do is get down to some serious research!

That's todays task!

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