Remortgage Help

cherry16

Hi
Our fixed rate is due to finish at the end of November. The way the rates are going at the moment we feel we should get something in place. We are currently with A&L and they have said they will not look at a new deal for us until 8 weeks before. Apparently when our deal is up at the end of november we go on to the tracker rate (+.75). Even though this is quite a good rate I think we will feel better having something fixed so we are looking at a 5 year fixed deal. We will have approx £100k left to pay by the end of November and our house is worth £220k (worse case scenario), we will be looking at approx 20-22 years term. Has anyone got any advice at all and if we was to see a deal now are we able to reserve it at all (and costs involved)
Any advice is much appreciated
Thanks

lisyloo

You can reserve a deal up to 6 months ahead (with a new lender).
Remortgages can take up to 3 months.
Be aware though that rates are now coming DOWN.

If fees are low you could reserve one and then change your mind (if you don't mind losing the fees).
I've done that and I consider it a small price to pay so if a much better deal comes along then I'll lose a few hundred but it will be worthwhile if the deal is better.
This only works if the fees are low though.

Ian_Griffiths_Halifax

cherry16 wrote: »

Hi
Our fixed rate is due to finish at the end of November. The way the rates are going at the moment we feel we should get something in place. We are currently with A&L and they have said they will not look at a new deal for us until 8 weeks before. Apparently when our deal is up at the end of november we go on to the tracker rate (+.75). Even though this is quite a good rate I think we will feel better having something fixed so we are looking at a 5 year fixed deal. We will have approx £100k left to pay by the end of November and our house is worth £220k (worse case scenario), we will be looking at approx 20-22 years term. Has anyone got any advice at all and if we was to see a deal now are we able to reserve it at all (and costs involved)
Any advice is much appreciated
Thanks

If you go onto the Base Rate + 0.75% then I'd seriously consider taking this and you could always remortgage later if rates start to climb to an uncomfortable level.

If it goes onto the Standard Variable Rate + 0.75% then look at moving now, with a view to completing the remortgage the day your penalty ends.

A 5.75% interest rate is VERY good just now and you've no fees to pay.