Am I paying too much?

[Scarlett]

I have a repayment mortgage and I am paying �529 a month, on a loan of �73,000.

I'd be really interested to know how mine compares with yours? My friend seems to think I could be paying a lot less per month if I moved mortgages.

Any ideas?

[Dassie]

You haven't said how long the term is but when I was in the market Nationwide and Halifax were among the best so ask them for a quote.

[Scarlett]

Sorry! Its over 21 years!

[Sammy Snake]

Well mine is �217 per month for �38K so yours is less than twice the amount but more than twice the mortgage! (with the Halifax btw)

[kempie]

It appears that your mortgage rate is around 6.3% which is about average for the market.

Shopping around could save you �30+ per month.

http://www.moneysupermarket.com/mortgages/

[Ethel]

You are paying a little under 6.5% interest rate.

Interest rates are set to rise over the next two years, so look for a fixed rate mortgage - the lower interest rate the better.

But be aware your current lender may charge you an 'exit' fee of some kind, and the new lender may charge legal fees and a hefty arrangement fee.

Excellent unbiased and independent mortgage advice available here:
http://www.moneysavingexpert.com/mortgages

[chazza]

I am paying �485 for a �78500 mortgage. I would say that yours is perhaps a bit high

[Mr Tall]

Am going to pay �1090 on �194,000 which is 6.75%.

[polarsub]

I'm paying �525 on �100,000 but it will go to �625 in 12 months. I would suggest you are a little over the norm.