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19 November 2009

Could it be possible I can change to a lowerinterest mortgage?

I was wondering if I can get some advice from you. Last year I bought a flat under a shared-ownership scheme and for that I got a repayment mortgage (£124,000) for 40% of the property. The fixed interest rate in a three-year period is 7.3% with monthly payments of £900. After this three-year period, the mortgage would be transferred to the building society variable interest rate currently at 7.59. My question is, f it could be possible for me to change to a lower-interest mortgage? If that’s possible, is it worth to change when the early repayment charge is 3% of the outstanding balance plus an administration fee (£150). Thank you very much for your help! Antelmo

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