Fixed Term Nearly Up - What Should I be Doing Now?

Bambywamby

This house price calculator will give you an estimate of your homes value.

http://www.nationwide.co.uk/hpi/calculator.asp?calculate=true

We have just booked a 10 year fixed rate deal (5.34%) with Natwest and we are £15'000 IN NEGATIVE EQUITY, so don't assume you can't get the deal you want.
It's always best to ring & ask.

good luck x x

draker

Bambywamby wrote: »

This house price calculator will give you an estimate of your homes value.

http://www.nationwide.co.uk/hpi/calculator.asp?calculate=true

We have just booked a 10 year fixed rate deal (5.34%) with Natwest and we are £15'000 IN NEGATIVE EQUITY, so don't assume you can't get the deal you want.
It's always best to ring & ask.

good luck x x

Bambwamby.

Thanks for your post. Is your existing mortgage with Natwest? Also, when does your current mortgage deal expire? Thanks.

Bambywamby

My existing deal is with Natwest yes and the current mortgage ends on May 1st, so from Feb 1st of this year we could book a deal. If your deal ends on June 1st, you will be able to book a deal as from 1st March.

Good luck x x

Bambywamby

Have you tried the Halifax mortgage calculator to see what deals they could offer you?

https://www.halifax.co.uk/mortgages/calculator/mortcal_main.asp?brand=halifax&app=borrow&direction=f&page=10&update=false&mi=borrow10

Bambywamby

I have put in your details (estimating you still owe £65'000 on the balance) and the one deal they have is a 100% mortgage on your balance, for a five year fixed rate deal of 5.04%...however that product does have a fee of £1249.

Greenr

Bambywamby wrote: »

I have put in your details (estimating you still owe £65'000 on the balance) and the one deal they have is a 100% mortgage on your balance, for a five year fixed rate deal of 5.04%...however that product does have a fee of £1249.

Thanks for this! I just had a go too - it said, even if our property is only the same value as our mortgage i.e. 100% LTV, we'd still be able to fix for 5 years at 5.04%. Why are the fees so high though?? do people normally add the fees to the mortgage? I wonder what the likelyhood of fees lowering in the next few months would be.... are they normally this high?

Bambywamby

They are charging high fees at the moment as there are so few mortgage products around, so they: a) can charge extortionate fees, b) are trying to recoup their recent losses anyway they can.
During the next month the deal may well alter, especially after todays interest rate cut. Hopefully it may bring the rate down and the product fee...but you never know.

beecher

The fee is high because the risk is high. You're able to get the same deal as me with Halifax even though my LTV is 30% and yours is 100% - you just have to pay an extra £750 to do so. I don't think that's too bad to be honest. Halifax say they only offer deals for LTVs up to 95% so don't rely on them offering you a deal just because the calculator says so.