Remortgage advice needed

Abird521 · 11 December 2017 at 6:54PM

Hi all... my mortgage fixed term ends in may. I currently owe about 52k and have 22 years remaining. Ideally i would love to reduce this to at most 15 years and have saw many mortgage offers with monthly payments similar to what i pay at the moment even with the duration reduced by 7 years. I was a first time buyer three years ago and probably had a relatively poor credit score. I took a three year fixed rate for which i pay around 300 per month. My house was also a wreck at that time. I would imagine it is worth around 80 to 85k now based on similar properties in the area. Also i now earn 5k per year more than i did originally and have a credit score of 979 according to mse credit club.

My questions are:
How do i know what mortgage deals im eligible for?
When can i apply for a new mortgage?
What can i do to make sure i get the best rate?
Should i go for a longer fix now as interest rates are low?
I can afford to pay about 450/500 per month if this helped pay of the mortgage early but would this effect my affordibility?

Sorry for sounding like a complete novice

dimbo61 · 11 December 2017 at 9:13PM

Yes there are lots and lots of Mortgage deals !
Normally 3 months but some can be booked upto 6 months in advance.
To get the best rate you could use a whole of market Mortgage broker or shop around using the comparison websites.
Many people are taking longer fixed rate deals IF you have no plans to move in the next 3/4/5 years ?
Your income, age, credit score and debts will effect your ability to get a new mortgage.

Have you looked at deals with your current lender for existing customers ?
Always a good place to start
If your not borrowing more money and keep the same term then No credit checks or long application to sort.
Make sure you can overpay the fix by 10% ! Check the terms and conditions of the Mortgage offer.
Use " whatsthecost " website to work out how much your mortgage would cost over say 15 years and increase your direct debit to pay extra off each month
Simple

Remortgage advice needed

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