Remortgaging Advice

nads75

Hello,

Im currenlty hold a Halifax mortgage (£55,000) which we have paid now for 5years, it was tracker mortgage so as you can imagine our payments have gone from about £310 a month to £424! we have 20 years left to pay and are looking to remortgage up to 75,000 in order to consolidate a few high interest debts. not a great idea i know but remortgaing will reduce our monthly outgoings by about £330!! and this will be a life saver in this current finantial market.
Ive been looking at a 3yr fixed rate mortgage from the woolwich for 75,000 and the monthly fee will be £534 for 3 yrs (6.2%).

Ive not applied yet as im not sure if i have the best deal, but surely anything is better than the current deal i have with the halifax? even with all the fees.
Is the woolwich a decent deal?

Any advice would be gratefully recieved.

Nadia

herbiesjp

What fee is attached to that deal?

There are plenty other deals lower than 6.2% - but all with varying fees

Also, what is the property value, as they will dictate which of those deals you may be eligible for

Are you applying direct, or going via a broker?

nads75

Hello Herbiesjp,
thanks for the reply.

The fee for that is £995!! and the property is valued at £100,000 at the moment, although that was £110,000 at the start of this year, so it is dropping off quite a bit.
Im not sure which way to go, i do tend to do most things myself but the whole remortgage issue is not really made user friendly for those of us who are not in the know, but id like to try and go direct if i can. Out of interest what would the cost be for a broker?

I'd be interested in hearing if there are better deals out there as I dont really want to go down the further advance loan for homeowners route as my current deal is not very good.

Nadia

herbiesjp

Hi Nadia

Quite a few good deals have been pulled in the last couple of days, but I think you should still be able to find something better with the same level of fees if not lower.

You can find fee free whole of market advisers (who get paid by the lender) - or you can pay a fee to the adviser. The choice is yours which route you want to take.

nads75

Hi,
After a few days of banging my head on the desk im not really getting anywhere with a remortgage and yup lots of the good deals i was looking at a few weeks ago are now gone So it may be likely that we dont get a good deal at all!! So i think my best bet at the moment will be to find a "fee free whole of market adviser"
Can anyone recomend anyone decent? Or know of where to look as google throws up hundreds.
thanks
Nadia

herbiesjp

You could try friends or family as your first port of call

As it is important to have someone you can trust

Also you need to decide whether you want a face to face adviser, or if you are happy to use a broker over the internet/phone