Mortgages -time to get fixed up!

Like many landlords hit by the credit crunch.  I have pretty much 'bunkered down' with all my mortgages.  Most, fortunately were linked to the bank base rate which we all know has been on the floor since 2008.

Mortgages - time for a fix
However, in light of the recovering mortgage market I decided to have a look around at the alternatives.  I only have one problematic mortgage through the Leeds & Holbeck building society on which I feel I'm paying way over the odds.  My current pay rate is 5.79%, that's a massive 5%+ margin over the current base rate - frankly it's not on!  Whilst I looked at changing it a couple of years ago, when I looked at the limited alternatives it just didn't add up.  However, I've recent come across the Santander 5 year fix rate mortgage which at 4.34% is almost 1.5% below my current mortgage.  This works out at a saving of over £100 a month or £1200 a year.  Even with the £1495 fee, in just over one year I'm going to be saving at least £100 per month and given that any base rate increase will increase the margin between the two mortgage products the benefits of switching to the lower fixed rate will only increase. I figure my situation is similar to many other landlords.

I've waited patiently, but I think the time is right for landlords to seriously look at their finances and if my situation is anything to go by we may have reached a time where it really does add up to switch towards a longer-term fixed rate product.  I'm certainly going to do my home work over Easter and I'll let you know what I conclude.

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