Time to think about our fix rate ending…

elDeeJay

Our fixed rate mortgage is up soon in June – currently fixed at 5.05% with Abbey. Their SVR is 4.69%, which to me, doesn’t seem very good in today’s climate, although it would see our repayments drop slightly. I'm therefore at odds what to do; whether to fix again (not the best deals at the moment), remain on their SVR for the time being, or move elsewhere on another scheme. We have about 125K owing on our mortgage, but could possibly have a lump sum of about 8-10k to put toward that if it would make a significant difference

What are people in similar situations considering? I’m going to make an appt. with a local mortgage broker soon to see what he advises, but I’d like some initial impartial advice too if I could before I go to them.

System

I'm in an identical situation (same bank, date etc). What's your LTV? Abbeys remortgage deals seem very poor and leave me with no choice but to sit on the SVR.

bryanb

elDeeJay wrote: »

Our fixed rate mortgage is up soon in June – currently fixed at 5.05% with Abbey. Their SVR is 4.69%, which to me, doesn’t seem very good in today’s climate, although it would see our repayments drop slightly. I'm therefore at odds what to do; whether to fix again (not the best deals at the moment), remain on their SVR for the time being, or move elsewhere on another scheme. We have about 125K owing on our mortgage, but could possibly have a lump sum of about 8-10k to put toward that if it would make a significant difference

What are people in similar situations considering? I’m going to make an appt. with a local mortgage broker soon to see what he advises, but I’d like some initial impartial advice too if I could before I go to them.

Local mortgage broker will probably advise doing something that earns him commission.

elDeeJay

Joeskeppi wrote: »

I'm in an identical situation (same bank, date etc). What's your LTV? Abbeys remortgage deals seem very poor and leave me with no choice but to sit on the SVR.

Our LTV was about 70% at the time of mortgage

beecher

I'm sitting on the SVR, but my LTV is lower than yours. Work out what your LTV is now, realistically. If it is getting close to 90% that puts you in a different position.

elDeeJay

Its probably in the eighties to be honest, but I could add alump sum of up to 10K to reduce that amound if need be...

nesssie1702

We're in a similar situation with our 5 yr fixed rate with the Nationwide coming to an end in June - thinking about going onto the SVR (3.5%) for a couple of months to see what happens, but going to be keeping an eye on things between now and then. We've got an approx LTV of 70% - but would ultimately depend on the valuation

There are some good deals for fixing at 5 years coming in at under 5% but arrangement fees vary from c£300 - £1K which you need to factor in. We're trying to save for this just now, rather than adding it to the mortgage.

davetrousers

My 3 year fixed rate finishes in July/August, so I'll be following this thread, lol.