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Do the maths to work out what the fee will work out as. If you're not borrowing much then paying a £1,000 fee for a lower interest rate doesn't work out.
CO-OP do a 5 yr fixed rate for 1.6% with no setup fee.
I would normally advise to not bother with fixed rate, but they are cheaper rates than variable from what I can see right now. Maybe lenders are wary of borrowers finding themselves unable to pay.
Or they fear tracker rates if the BoE drop interest to negative rates.
Brexit effect on interest rates is likely to keep them down. Potentially drop to negative rates.
Yeah did that and it was a £20 saving per month over 5 years so £200 saved over the fee of £995
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