How much is that interest rate change going to affect you? What about future rises? Could you afford your mortgage if the rates went up by a couple of percent?
You can use this calculator to see quickly and easily how a change would affect you. Of course, you can also use it to see how much better off you'd be in the rates drop.
For Interest only mortgages the calculation is nice and easy, but for repayment mortgages it’s a little more complex and we need to know the current rate, and remaining terms of your mortgage.