Yet another remortgage advice request

Sammz

I have been reading and although I'm usually pretty good with finances the whole mortgage thing is sending me in circles.

I had a 3 year fixed rate deal with NR starting 26 Oct 2005. I have £49k of the mortgage and £3.5k unsecured loan to pay. My early repayment charge end date is 1 Jan 09 - I'm not sure why it's not Oct/Nov? The interest rate is 6.29%.

I'm not sure what my flat is worth. There are two the same on the market - one for £92k and one for £99k.

My salary has increased since my first application (and I didn't take all I was offered). I have no debts and some savings. I'd prefer a 2 or 3 year deal.

Can anyone suggest where I should start looking?

Toughluck

If your tied in until January 2009 I woudn't bother looking for a few months yet. Price war looming with the big 3. Halifax reduced fixed rates by 0.30% today and others will follow suit.

You have plenty of equity by the sounds of things. If you want security of getting a rate then do it. If you were one of my family I'd tell you wait, and also see at least what N Rock can offer you.

Sammz

Thank you for your quick response. I have no problem waiting. Can you tell me why it's January and not November though?

Also, I can afford to pay a bit more. What's the best way of doing this? A shorter mortgage length?

allan673

FIRST DIRECT, theyre brilliant.

ring them to discuss your options.

herbiesjp

Sammz wrote: »

Thank you for your quick response. I have no problem waiting. Can you tell me why it's January and not November though?

Also, I can afford to pay a bit more. What's the best way of doing this? A shorter mortgage length?

WHen you take out a fixed rate, there are two ways a lender will offer that rate. You took out a 3 year deal so it coul have been either:

1) A 3 year fixed rate from the day of completion

OR

2) A fixed expiry date: so a fixed rate until 01/01/2009


Most lenders offer the second second option

You will need to check your original offer letter as to which option you have

Also not sure if you took out the Help With Costs option with NR - this normally had a penalty overhang if you took this option. Secion 10 of the offer letter should explain the penalties you have