Changing mortgage product advise please

babyboo_3

Hi
our 2 year fixed rate mortgage of 5.85% with halifax ends next month. we have booked an oppointment with halifax to see what they offer us and also with a mortgage broker who a friend recommended. Bit worried we havent left ourselves enough time to find the best deal but with xmas last month this is the first chance we have had. did start thinking about it in october as we thought our deal ended in december (as it started in a december). We were first time buyers 2 years ago when took out the mortgage and am still not very clued up on mortgages. dont want to get ripped off. will we need to get our house revalued as we have dont some modification work to it since we bought it.
any other tips or advice is greatly appreciated.

Macgirl78

Thank you all for your advice. I will heed it all and discuss things with my husband.
Thanks again.

Babyboo - not an expert (obviously) but i shouldn't think you'll have to have your house revalued unless you want to add a considerable amount to the mortgage. If you change mortgage providers you might need to so they know the house is worth what they are lending you (if memory serves) but the fact you done modifications to it won't affect anything (don't quote me on this tho)
Don't know what use that is but i was thanking people so i thought i'd try and help you. I'd wait for someone more clued up and expert before you decide anything. Good luck.

Trillionaire

Why don't you use the 'egg mortgage calculator' (there's a link somewhere on this forum) and see what the difference is in payments at 4.49% and 4.99% - because, to be honest, I don't think it could be a lot.

Ok. This is for a rough idea.

£78300, repayment, over 20 years at 4.49% = £494.94 per month
£78300, repayment, over 20 years at 4.99% = £516.31 per month

£516.31 - £494.94 = £21.37
£21.37 x 36 months = £769.32

Whenever you are thinking of getting a new mortgage product get the a written quotation so you can work out the true costs.

The above is only to give you a rough idea!!! Someone more knowledgeable will come along and give better advice I'm sure.

Trillionaire

Oh, can I ask? Is you mortgage rate that you are paying currently 1.1%? Because, if it is, that is the best rate I've ever seen mentioned on these boards!

I wonder what will happen if the BBR goes down to 1%?

Check your terms and conditions and see if there is a collar?