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Monthly mortgage payment not reducing

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I have a quick question if I may. I am sure someone who knows the subject will be able to answer this in seconds.

In March 2016, I borrowed 144k (60% LTV) (property value 238k) on a 2.44% rate (a 5-year deal) & currently pay about £640 a month (capital + interest).

And I now see and hear that interest rates are low & dropping. Just wanted to check what is currently available (I know...there is a penalty for braking the 5-year deal.)

My loan o/s is about 140k & have 22 years to go.

When i put these figures on to mortgage comparison sites, I dont see any deals below what I am paying right now.

Can someone please explain this to me?

Sorry if I sound very ignorant.  




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Well mortgage comparison websites are terrible?

There are two year fixed rates are in the 1.37 to 1.44% range for BTL Remortgages. 1.20% to 1.34% range for Residential Remortgages. You can also get 1.56% rates for 4 Year Fixes on Residential.

A good mortgage broker (one in my signature) will be able to compare. Though I presume your 3 years into a 5 Year fixed rate, the Early Repayment Charges (ERC) would have to be taken into consideration to calculate any savings from switching early.

:wub: Get Mortgage Advice from my Team at Bespoke Finance on 08009202001 or email hello@bespokefinance.info 
Please don't take my messages on Property Hub as Personal Financial Advice, just a rambling guy passing time on a Coffee Break.

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