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2 Yeard Deal Due To End - Where Do I Start?
FirstTimer4Me
Posts: 1,079 Forumite
I'm useless when it comes to anything legal like this.
If I start from the beginning it might make more sense.
2003 we (my partner & I) took out a 100% joint mortgage, on a fixed 2 year deal at 5.39% with Nat West.
2 years ago I renewed another 2 year fixed deal with Nat West at 5.15%, which is due to end next month, so, in preparation for another deal, where do I begin?
My original mortgage was for £82:000 + £2360 map less the original booking fee £295:00 = £84,065 which is what my mortgage was set at.
On renewal of my mortgage deal 2 years ago, my statement shows balance of £80.892.89, and last years statement May 2006, shows a balance of £79,020.71.
My property is valued at £125:000.
Please excuse me, as I'm confused by all this, when I apply to renew my mortgage next month will I still be applying for a 100% mortgage, and should I just accept the new rate from the Nat West when it comes in?
I trust my thread males some sense, and any guidence or assistance will be very much appreciated.
If I start from the beginning it might make more sense.
2003 we (my partner & I) took out a 100% joint mortgage, on a fixed 2 year deal at 5.39% with Nat West.
2 years ago I renewed another 2 year fixed deal with Nat West at 5.15%, which is due to end next month, so, in preparation for another deal, where do I begin?
My original mortgage was for £82:000 + £2360 map less the original booking fee £295:00 = £84,065 which is what my mortgage was set at.
On renewal of my mortgage deal 2 years ago, my statement shows balance of £80.892.89, and last years statement May 2006, shows a balance of £79,020.71.
My property is valued at £125:000.
Please excuse me, as I'm confused by all this, when I apply to renew my mortgage next month will I still be applying for a 100% mortgage, and should I just accept the new rate from the Nat West when it comes in?
I trust my thread males some sense, and any guidence or assistance will be very much appreciated.
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Comments
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First port of call is Nat West.
Be proactive and chase them for deals, as they normally wait until the last minute, or may not even let you know at all
Once you have that, you should shop around to see what else is out there
And no you do not have to get a 100% mortgage
At the moment you are borrowing around 63% of the property value, so you have got the whole market place to choose from
HTHI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Remember, admin fees at the start and the end of the fixed rate should be considered as well as the headline rate.
No point having a low rate if the mortgage arrangement fee is £2,000.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
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Yes- that would be the first stepI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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I called Nat West mortgage team today, this is what they have offered, oh, btw, the following is based on a fixed 2 year deal, (This is what I prefer)
Current deal:
Rate 5.19 Monthly Repayment £499:00 expires end June 2007.
Outstanding Mortgage as of today - £77,049:66
New Offer:
Rate:
5.19 - Monthly repayments = £502:00 with £999:00 fee, the repayments do not include the £999:00 fee, if added to the mortgage
5.39 - Monthly Repayment = £511:00 - with £499:00 fee, the repayments do not include the £499:00 fee, if added to the mortgage.
6:29 Monthly Repayments = £551:00, no fee involved.
At present I do not have the funds to pay up front the fee, although if required the fees can be added to the mortgage.
Due to my work schedule, Nat West said they would call me back next Tuesday, to see which rate I will accept.
Any guidence will be appreciated.
Thanks in advance.0 -
FirstTimer4Me wrote: »
Rate:
5.19 - Monthly repayments = £502:00 with £999:00 fee, the repayments do not include the £999:00 fee, if added to the mortgage = £13047
5.39 - Monthly Repayment = £511:00 - with £499:00 fee, the repayments do not include the £499:00 fee, if added to the mortgage. = £12763
6:29 Monthly Repayments = £551:00, no fee involved. = £13224
QUOTE]
Looking at that the rate of 5.39 seems the best to got for as it will be the cheapest over the 2 years. Is there any way you can pay the £499 fee on a 0% credit card and pay it off over 12 months. That rate you would pay £552 for 12 months and £511 for the next 12 months?
Phil--- Fat club weight loss -- Started 10th April 2015
Update: 28.4.15 - 8lbs0 -
Hi PhilLooking at that the rate of 5.39 seems the best to got for as it will be the cheapest over the 2 years. Is there any way you can pay the £499 fee on a 0% credit card and pay it off over 12 months. That rate you would pay £552 for 12 months and £511 for the next 12 months? Phil
Thx for the advice, I have 2 CC neither have 0% and both are almost upto their limit :shhh:0 -
WHat are both of those limits?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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FirstTimer4Me wrote: »I called Nat West mortgage team today, this is what they have offered, oh, btw, the following is based on a fixed 2 year deal, (This is what I prefer)
Current deal:
Rate 5.19 Monthly Repayment £499:00 expires end June 2007.
Outstanding Mortgage as of today - £77,049:66
New Offer:
Rate:
5.19 - Monthly repayments = £502:00 with £999:00 fee, the repayments do not include the £999:00 fee, if added to the mortgage
5.39 - Monthly Repayment = £511:00 - with £499:00 fee, the repayments do not include the £499:00 fee, if added to the mortgage.
6:29 Monthly Repayments = £551:00, no fee involved.
At present I do not have the funds to pay up front the fee, although if required the fees can be added to the mortgage.
Due to my work schedule, Nat West said they would call me back next Tuesday, to see which rate I will accept.
Any guidence will be appreciated.
Thanks in advance.
Any advice on the above deal from Nat West please?0
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