fixed rate mortgage

[BeatySwalls]

hi i have a mortgage of 30k over 8 years. I have had it for 1.5 years at qa fixed rate of 6%. If I change this there will be a penalty for doing so. is it worth changing? How much would I save by doing so?i think it is fixed for first 5 years or something like,

[factor-fiction]

Your first step should be to check your documents or ask the lender for details of the penalty. If you post details then of the fee we may be able to advise.

[madmaggot]

If you consult a mortgage broker they will be able to look at the deals available and tell you whether it would pay to end your fixed rate agreement. There are so many unknown variables that it is impossible to state here whether you should stay with your current provider or not.

[Uzoma]

So to add to what the others have said, if you are able to check the Key Facts Illustration that you had when you took out the mortgage initially. When you speak to your broker, the broker will need to work out how much money they will be able to save you. The broker (or in actuality, the lender) will need to be able to save you more than the penalty over the remaining period of your CURRENT fixed rate. Hope that makes sense - all the best.

[tamborine]

Depends on whether the recession continues. It's a gamble. I think it'll balance out by end of year as most people cant carry 'liquid equity'.