Mortgage + ISA
The mortgage is now arranged. I wobbled at the last minute. After spending ages being happy with the idea of a variable rate, I’ve decided that, in these slightly uncertain times, a fixed rate makes a bit more sense. Alliance and Leicester are doing a rather nice 2 year fixed rate offer at the moment for about 4.8%, so, after checking around MoneyExtra (entries passim) that’s what I went for.
The quid pro quo is that this mortgage isn’t quite as flexible with respect to overpayments. You can make them, but any that are made outside of January are subject to a 3% fee within the first 2 years. Since I rather plan on having some spare disposable income (which I’ve traditionally shovelled in to the mortgage) I’ve had to find something else to do with it.
Fortunately, A&L also do a decent mini-cash ISA at 5.4%, so it’s actually more effective to put the first
Hello Nik
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