Apparantly my mortgage term has finished - Help reqd

mark_j

Evening

had a 5 year fixed with the co-op in aug 2004 @ 5.39 %

Had a letter of the co-op today saying our 5 year fixed finishes end of jan this month, would of thought it would end in aug???

They are kindly moving us, LOL, to their standard variable rate of 4.79 ???

So we are looking for another mortgage. We like the safety of being fixed, any suggestions as to the current best offers or what to do??

Thanks Mark,

confused31_2

id just stay on the variable until a deal comes out thats worth changing on to, or rates start to go up.

feisty1

best for what? it's like asking what's the best car!

Rolandtheroadie

What i've read suggests trackers but with arrangement fees what they are, i'd be tempted to go onto the standard variable (should cost nothing to do so) and keep an eye on whats happening. If your on their standard variable rate, you wont be tied in so could jump on a deal at any time.
I'd check other lenders standard variable rates and any costs involved to go onto them (survey fees, legal fees) incase I could get cheaper tho.

I like the 5 year fixed as well (2 years to go, currently 5.19%) but would hold off just now.

This is my personal opinion, based only on the fact that i'm tight and hate the thought of £600-£1200 arrangement fees.

feisty1

For the 100th time........You cannot move onto another lender's standard variable rate..it is not a product, it is a default rate once yr deal ends..........

Rolandtheroadie

feisty1 wrote: »

For the 100th time........You cannot move onto another lender's standard variable rate..it is not a product, it is a default rate once yr deal ends..........

For the 765th time, are you sure it's the 100th time? I'd surely find that out when I went to check, you've never told me before (red type or otherwise).
What sort of car? 2 door? 3 door? 4 door? 5 door? For the 100th time, all cars are built for a purpose.

skoda38

for the 1st time ...... you can change to another lenders standard variable rate..

feisty1

exactly, the same for mortgages, one size doesn't fit all, not such a thing as a "BEST" mortgage

mark_j

feisty1 wrote: »

best for what? it's like asking what's the best car!

We are looking for the cheapest interest rate on a fixed for 5 years deal, taking into account fees etc

_Andy_

mark_j wrote: »

Had a letter of the co-op today saying our 5 year fixed finishes end of jan this month, would of thought it would end in aug???

Most fixed rates have a specific end date rather than being for a full X years - it would have been stated on your KFI and mortgage offer.
If you want to get an idea of rates, have a look at a site like https://www.moneyfacts.co.uk to get an idea of what's on the market.

They are kindly moving us, LOL, to their standard variable rate of 4.79 ???

Why the question marks? You would have known, as it would have been detailed on your mortgage offer, that the rate would then go on to their variable rate.

feisty1

skoda38 wrote: »

for the 1st time ...... you can change to another lenders standard variable rate..:p

For example?