Oue deal ends soon

Barneysmom

HI we're with the Cheltenham & Gloucester and our mortgage tie-in (standard variable rate) ends in November so finally free to find another mortgage.
I'd rather stay with them if poss, but having trouble getting through on the phone today (high demand of calls blah)

Anyone know what they are offering at the moment please?

We owe just under 50k with about 18 years left on this one. I wouldn't mind getting a slightly shorter term, I'm 46 and would like to stop working at 60 (please-God-be-with-me-type-smile here )

Or we could stick with the 18 years and overpay when poss?

_Andy_

If you go on to their website they have all the rates for existing customers on there.

Mateus_2

Barneysmom wrote: »

HI we're with the Cheltenham & Gloucester and our mortgage tie-in (standard variable rate) ends in November so finally free to find another mortgage.
I'd rather stay with them if poss, but having trouble getting through on the phone today (high demand of calls blah)

Anyone know what they are offering at the moment please?

We owe just under 50k with about 18 years left on this one. I wouldn't mind getting a slightly shorter term, I'm 46 and would like to stop working at 60 (please-God-be-with-me-type-smile here )

Or we could stick with the 18 years and overpay when poss?

Hi

The term can be changed it will depend if you can afford or not the increase payments if is repayment mortgage.

For overall cost the Northern Rock got the best 5 years overall cost: a 5.99% fixed for 5 years with no arrangement fees, no valuation and no legal fees. You will better off with Northern Rock than if you go for a C&G mortgage. As a small mortgage I believe you should have long fixed rates as the cost of changing products can be costly.

I hope this helps

Cheers
Goncalo

hondagirl36

Hi, by coincidence our mortgage with c &g also finishes oct 31st. Ive been in today to see them and try and fight my way thru a forest of tracker mortgages and fixed deals. Basically Ive discovered there is no point for us ( or u by the sound sof it) taking out a fixed deal with a massive charge on it, it just doesnt pay. So that leaves a 3 or 2 yr fix at 6.19 -3yr or 6.29 for 2 yr. We are currently fixed on 4.9 so that gives a rise of between 30 to 50 squid per month. The tracker is pretty good, a lifetime tracker with a free option to exit and fix at any point ( as long as u fix with c & g) and a fee of £995 seems quite a good deal.
Basically its a question of fix or not and i havent decided yet, we have about 2 weeks to firm it up. whats the current thinking, is fixing a good plan??

Mateus_2

hondagirl36 wrote: »

Hi, by coincidence our mortgage with c &g also finishes oct 31st. Ive been in today to see them and try and fight my way thru a forest of tracker mortgages and fixed deals. Basically Ive discovered there is no point for us ( or u by the sound sof it) taking out a fixed deal with a massive charge on it, it just doesnt pay. So that leaves a 3 or 2 yr fix at 6.19 -3yr or 6.29 for 2 yr. We are currently fixed on 4.9 so that gives a rise of between 30 to 50 squid per month. The tracker is pretty good, a lifetime tracker with a free option to exit and fix at any point ( as long as u fix with c & g) and a fee of £995 seems quite a good deal.
Basically its a question of fix or not and i havent decided yet, we have about 2 weeks to firm it up. whats the current thinking, is fixing a good plan??

If is a fixed go for another lender like Northern rock or if lifetime tracker with option to switch look at woolwich products. C&G has good rates but their fees are high, if you have a small LTV shop around and you can save hundreds of pounds.

Cheers
Goncalo

Barneysmom

Thanks - now I am really confused lol!
So C&G aren't really worth it right now? If I do decide to switch lenders, what happens to the PP insurance, do we start a new one?

Mateus_2

Hi

If you change lenders that will not affect any insurance if the loan amount is the same.

Use a website like FSA consumer website (http://www.fsa.gov.uk/tables/bespoke/Mortgages) to look for deals.

Then to calculate the overall cost do the follow:

number of payments over the deal period x the monthly payment + arrangement fee + valuation fee (if not free) + legal fees (if is not free normally costs for a remortgage around £399)

example 5 years:

60 months x £300 + £995 + £150 + £399 = £19544

If is a tracker you must take attention that the payments can decrease or increase and taking in consideration the exit fee of C&G.

I hope this helps

Cheers



Cheers
Goncalo

Barneysmom

Hey thanks for taking the time to help. I really appreciate it, thank you xx

Mateus_2

No problems.

I am glad I could help.

Cheers
Goncalo