Remortgage ?

kambinky

My fixed rate mortgage of £47,000 ends on 1.1.08 so I need the best place to go am trying to glean advice from the forum? The Halifax offer 7% variable rate which is a bit scary am I better off with a tracker for a fixed period? Who with? Am trying all Martins links as well as asking the forum!

ad9898_3

I think a tracker is a good bet at the moment , BoE rates are likely to come down in the following months.

nappy501

kambinky wrote: »

My fixed rate mortgage of £47,000 ends on 1.1.08 so I need the best place to go am trying to glean advice from the forum? The Halifax offer 7% variable rate which is a bit scary am I better off with a tracker for a fixed period? Who with? Am trying all Martins links as well as asking the forum!

Hi,
I am in the same position. My fixed rate mortgage of £52,000 ends on 31st October 08. This is the second one I have had. Whilst the rates are going up and down, I don't worry because I know what I have to pay.

For the last month I have been worrying about will I get another deal. I phoned my current provider who I have had since 2003 and have always been able to get a deal and they could only offer me tow trackers. They are sending the information.

I checked out Martin's remortgage guide and had a quick look at 'moneybackmortgages.com and was surprised to see one of their top fixed mortgages is from Northern Rock.

I am a lone parent on quite a small income, I really need that fixed rate, is it worth pursuing now?

Or should I wait a couple of months and try for a fixed rate again? Don't fancy all of this just before Christmas though.

Thank you for your thoughts in advance.

Locoblade

If you want the security of a fixed rate, I'd sign up for something ASAP if I were you, as rates have been dropping up until a week or two ago but have now started going back up or the best offers being withdrawn, primarily due to the banks going to the wall in the US etc.

It may well be a bit late now anyway to think about getting onto a new rate by the end of October as swapping lenders can take 2-3 months, so you need to act ASAP anyway really to avoid too long on your lenders SVR

pixxyco

I've got a mortgage of a similar size and the best offer I've seen is with First Direct who have a lifetime tracker of 0.79% above base rate with no fees, no tie in and can be off set.
Although you can get better rates you'll also be charged a hefty fee that makes it not worth while fo a 50k mortgage. And the good thing is that you can leave anytime you want if you find a better deal in a few months.

The only reason I haven't filed an application is because I have 2 Buy-to-let properties that they want audited accounts for, even though no one would pay for that unless they had more than 5 properties, and hence I can't apply - bit of a pain!!!!

BYALPHAINDIA

First Direct have now stopped doing mortgages, As far as I was aware.

I don't know who to recommend really.

HSBC is quite a good lender.

koexelek

On £47000, a 7% variable rate might be the best option.

Most products have arrangement fees of £600 to £1000, meaning you would be unlikely to recoup that in interest saved.

Fee free deals are few and far between. Norther Rock presently offer a 5.99% five year fixed, but it is likely to be withdrawn very soon.

Locoblade

BYALPHAINDIA wrote: »

First Direct have now stopped doing mortgages, As far as I was aware.

They stopped earlier in the year but it was only for a few weeks. Unless they've withdrawn from the market again this morning and haven't updated their website yet then your info is way out of date.

toonfish

for loans of this size lifetime trackers are generally the most cost effective option

koexelek

koexelek wrote: »

Fee free deals are few and far between. Norther Rock presently offer a 5.99% five year fixed, but it is likely to be withdrawn very soon.

Withdrawn last night. Up to 6.19% now

nappy501

nappy501 wrote: »

Hi,
I am in the same position. My fixed rate mortgage of £52,000 ends on 31st October 08. This is the second one I have had. Whilst the rates are going up and down, I don't worry because I know what I have to pay.

For the last month I have been worrying about will I get another deal. I phoned my current provider who I have had since 2003 and have always been able to get a deal and they could only offer me tow trackers. They are sending the information.

I checked out Martin's remortgage guide and had a quick look at 'moneybackmortgages.com and was surprised to see one of their top fixed mortgages is from Northern Rock.

I am a lone parent on quite a small income, I really need that fixed rate, is it worth pursuing now?

Or should I wait a couple of months and try for a fixed rate again? Don't fancy all of this just before Christmas though.

Thank you for your thoughts in advance.

Hi
Just to let you know what happened.

I telephoned my mortgage company who were only able to offer me two tracker mortgages, but said contact them every week to see if this changes. My mortgage deal comes to an end 1st November.

I really wanted a fixed rate mortgage, so went through the Money Saving Expert mortgage guide.

It was very good. When I telephoned a broker though, I was told my earnings were too long so noone would offer me a mortgage.

I telephoned my mortgage company again mid-October, still just the trackers.

Good news, I telephoned them today and they are sending me through two illustrations for fixed mortgages. One until 2012 and one until 2014.

The six year one makes me a little nervous as it seems such a long time. I realise I will lose out if interest rates drop a lot, but I would much prefer the security of knowing how much I have to pay each month.

Regards

Nappy