Fixed rate deal ending soon. Help

jono81_2

Hi

My fixed rate of 4.98% is due to end in December. I would like to know what to do now and how I go about re-mortgaging. My current deal is with the Halifax and I have looked their website but the rates are considerably more than my current rate. What do I do now, can anyone advise me please. My property is worth around £125000 with my outstanding mortgage in the region of £84000. Any help appreciated.

Thanks

lisyloo

Have a look at search sites (or get a broker) and compare other deals with the ones offered by the Halifax.

Rates now are likely to be higher than your current rate and there is no way to avoid this.

Remember to include legal fees, application fees, exit fees and valuation fees in your calculations.
Sometimes the fees are lower with your current lender because they don't do a valuation or legal work.

Bear in mind that you will need to pay these fees again when you remortgage next time. As fees has risen in recent year many people are finding that longer term deals are better rather than paying fees every 2 years.

itzmee

I'm probably stating the obvious here but have you checked your mortgage offer to see what rate you go on once the fixed rate has expired? It may be better than what is currently available. I'm on a 4.79% fixed rate and when that expires it goes to base rate plus 0.99% which is pretty good in today's market but luckily I've still got over 2 years left on my current deal.

jono81_2

The rate will be 7% once the fixed rate has elapsed so I dont think thats an option. Thanks though.