fixed deal end panic and confusion??

elgord

I need some basic (not too confusing please!!) advice on what I should consider here - my fixed deal with Yorkshire is finishing all too soon this month and they are offering me a 3 year stepped mortgage, with an interest rate of 5.39% till 31/10/09, then 5.79% till 31/10/10, then 6.19% till 31/10/11. A product fee of 1% applies. The estimated Loan to Value is 57%, property value estimated at £145950. I think my borrowing is about £83000 at the moment. I also have about £5500 profit from just having moved to pay off and don't know when I should do this.

I know I have been dragging my heels, and that I will not manage to sort anything else out before the fixed deal ends, but I'm really confused about what I should do. I know I will have to go onto SVR for a short time if I don't choose to take up their offer.

And if I DO go elsewhere, I don't know whether to fix again or go for a tracker or not. HELP!!

ad9898_3

elgord wrote: »

I need some basic (not too confusing please!!) advice on what I should consider here - my fixed deal with Yorkshire is finishing all too soon this month and they are offering me a 3 year stepped mortgage, with an interest rate of 5.39% till 31/10/09, then 5.79% till 31/10/10, then 6.19% till 31/10/11. A product fee of 1% applies. The estimated Loan to Value is 57%, property value estimated at £145950. I think my borrowing is about £83000 at the moment. I also have about £5500 profit from just having moved to pay off and don't know when I should do this.

I know I have been dragging my heels, and that I will not manage to sort anything else out before the fixed deal ends, but I'm really confused about what I should do. I know I will have to go onto SVR for a short time if I don't choose to take up their offer.

And if I DO go elsewhere, I don't know whether to fix again or go for a tracker or not. HELP!!

that doesn't look a great deal, with that LTV you can get the best mortgages on the market at the min, try moneysupermarket.com

elgord

Thanks for that- I sort of thought that too. Will check out all the rates on moneysupermarket.

martinman3

Don't do it quite yet unless the updated rates are already listed as Nationwide are cutting rates tomorrow according to this thread http://forums.moneysavingexpert.com/showthread.html?t=1149499
and you can probably get the 60% LTV rate.

elgord

Thanks - will sit tight to see what happens with Nationwide tomorrow.