B&B Mortgage; Remortgage?

mealmond

I am heading into my fourth year of a ten year fixed mortgage with Bradford & Bingley/Gordon Brown, with the interest rate being 5.45%

As with most of the people having a B & B mortgage, I have the chance, from 1/2/09 until the end of June, to look for another deal and have to pay no exit fees.

I am willing to leave things as they are, I know the rates have changed a lot,, but I am happy know what I have to pay each month and I can budget.

Part of the terms of this mortgage, was that it ws fixed for ten years, but after five years I can remortgage, if I want with no charges, or leave it be. I always intended after the five years to have a look around and se if was worth a change or leave it be, but this window has opened so I thought I would have a look around.

Of course, if the costs were to high, or the figures just did not work out, I would leave things as the are.

In an ideal world, what I would like is a new deal, low set up costs and a lower interest rate but keep that payments as they are a present but reducing the years left on the mortgage.

The mortgage outstanding is around £60,000, with 19 years left to pay.

The property value is between £80,000 to £85,000

Does anybody have any thoughts or should I just leave things as they are.


Thanks


Martin

herbiesjp

Well you could definitely get sub 5% with 5 year fixed rates - that was using the lower £80k valuation which works out at 75%LTV

mealmond

Hi

Is there a good site I can go to and get an idea of the deals available and potential costs involved.

I don't want to really commit myself to speaking to somebody until I have done the groundwork first, or would I be better seeing an independent mortgage advisor and telling them the situation and see what he or she comes up with?



Thanks


Martin

herbiesjp

Well you could look at sites like moneyfacts.

Or you could go straight to a whole of market adviser and see what they come up with.

If you go to a fee free one, it will not cost you anything to do so either

mealmond

Thanks for the information, I will have a look into what is available.

Like I siad, I am not really in a rush, I suppose if the right deal is out there and I see it,great, if not, never mind.



Martin