Need to renew mortgage, help required please

living_legend

My mortgage is due at the end of Oct with A+L and at the moment i dont think they are that competitive.

The best they have offered me was a 2 year fixed deal at 6.7% with a 2% product fee so like £2000 to pay or add to my mortgage.

The problem i have just now is that i have recently left my job and im not due to be going into a new job until Jan.

A+L said that was fine with them and they wouldnt perform a credit check as i'm already with them.

Does anyone think its worthwhile seeing if anyone else would accept me at a lower rate? With me not working i'm not sure if any company would.

Ive never missed a payment on anything and paid my mortgage on time for 2 years and have savings to cover the mortgage for at least a year should i not get the job in Jan although its 99% i'll be starting it Jan.

Any help,advise, comments would be appreciated

Thanks

herbiesjp

With no income - you are better off staying put

You might want to stay on their variable for a few months, so that if you do start your new job, you could then look at other lenders and their rates, assuming your income is high enough to support the mortgage needed.

living_legend

thanks for the advice

Think i'm going to just need to take the 6.74% fixed for 2 years with 2% product fee which will work out about £2000.

At present i owe £98 000 and the property has been valued recently by 3 different estate agencys at between £125 000 and £130 000 so i'm not too far off 75%.

They have the property value down as £106 000 which i paid for it, would it be worth telling them its went up in value to 125-130k?

They can offer 6.1 if im borrowing 75% or less than the property value.

Would they do their own valuation or could i send them the 3 valuations i have?

If im correct borrowing £98 000 against a property worth if they agreed that it was worth £130 000 would just get me in at 75 or lower (may be wrong there) how strict are they with this, hope this may be an option.

If you know anything about this it would be appreciated then i can give them a phone and try and ge it,reckon it would knock off about £50 per month if i can get it

happybroker

Estate agents are trying to get you to do business with them so are likely to give you a rather inflated valuation (your more likely to go with one who says he can get you more money).

A&L will probably want you to pay for a valuation of the property which would be undertaken by a surveyor rather than an estate agent and I would put money on him coming in a bit lower and if he does you've wasted the money on the valuation.

You could always ask A&L if they will accept the EA's valuation of £130k (don't send the others in if they are too low) as we don't get if we don't ask but I doubt they will accept it.

Sorry I couldn't be more positive.