First Time Remortgage Advice

steven07968

I posted on here before Christmas and received some really good advice, so I thought now was a more appropriate time to seek further guidance and an actual deal.

Have lived in my house for just shy of two years now. Moved in in March 2004, so my current fixed rate mortgage will run until mid March 2006.

Current mortgage is with Northern Rock as we wanted a 100% mortgage. Would like to continue with a fixed rate mortgage as we know where we stand each month with regards to outgoings. Would also like to get rid of CC so would be looking to have an aditional amount of money as well as the remortgage to sort me out financially and get on the straight and narrow.

Can anyone advise me of the best deals currently out there which would suit my needs please. This is the first time we've remortgages, so any guidance that people could offer would be great.

Any help would be greatly appreciated

TheTraveller_3

Hi,

There are thousands of deals out there. Are you looking for a 2,3,5,7,10 year deal, 100% LTV, overpayment facility, 2,3 times income, small or large mortgage to make it worthwhile paying your own legal/valuation fees, no extented tie ins, repayment/ interest only etc...

I don't think anybody will be able to help you without knowing more about your circumstances. Maybe you could try the mortgage comparison sites listed here or get a broker to do it for you.

Sorry I can't be more helpful.

MortgageMamma

Hi There

If you bought your house 2 years ago with a 100% mortgage then I expect you don't have a great deal of equity? correct me if I am wrong! and you want to consolidate your credit cards into this also?

There are companies that can help, but the higher you go above your property value the more expensive it becomes. You need to take some professional advice, it is ok going on the internet and trying to find a deal for yourself, but often there's snags with deals that only a trained eye can identifiy. I am a mortgage advisor myself and am currently settung up own business but it will not be live before 1st feb. there are loads of mortgage advisors on here that could help you though,if you click on an advisors profile and then go to their homepage it will tell you about their company, make sure the advice you receive is free should you decide not to go with the advisors recommendation.

Good luck

dalepearson

I am in a similar situation, currently on a Interest only, and come July will start making Capital repayments, but will probably want to get a new fixed rate for 3 years.

Sometimes I am not sure if its worth remortgaging due to the costs involved in carrying this out.

steven07968

MortgageMamma wrote:

Hi There

If you bought your house 2 years ago with a 100% mortgage then I expect you don't have a great deal of equity?

£30k equity which I thought was half decent for my first house.

MortgageMamma

Not bad at all for a first house!

But seriously, see an advisor, especially if you can get free advice and not pay them a fee. there are plenty of deals on remortgages with free legal fees and free valuation fee's and some of the more competitive ones will go up to 95% loan to value (the value of your house as opposed to the amount of loan you want) but be careful if you are getting close to the max loan to value, certain lenders have a nasty habit of undervaluing properties in my opinion. I had a client only last week who's property was undervalued by £26,000.