Fixed rate question

Sharra

Our IFA is due to come round on monday with all the paperwork for our remortgage. We have a 5 year fixed rate at 4.99% - 75%LTV (we're hoping)

He has said that they always check the day they come round to see if there's a cheaper rate, but I'm wondering whether its worthwile us waiting for a week or so to see if there are any better fixed rates following this base rate drop.

We can't wait too long as we're taking advantage of Mortgage express letting us out of early repayment charges, and it all has to be done by June.
Any thoughts appreciated
Thanks

pixiepie99

I'd get your LTV checked so you know exactly what position you're in and what mortgages you'll be able to access. If you suddenly find out your LTV is 80% or 85% your choice will be more limited and the interest rates available to you will be higher.

feisty1

pixiepie99 wrote: »

I'd get your LTV checked so you know exactly what position you're in and what mortgages you'll be able to access. If you suddenly find out your LTV is 80% or 85% your choice will be more limited and the interest rates available to you will be higher.

One would have hoped the advisor has already done this prior to bringing his recommendation on monday!

koexelek

Sharra wrote: »

Our IFA is due to come round on monday with all the paperwork for our remortgage. We have a 5 year fixed rate at 4.99% - 75%LTV (we're hoping)

He has said that they always check the day they come round to see if there's a cheaper rate, but I'm wondering whether its worthwile us waiting for a week or so to see if there are any better fixed rates following this base rate drop.

We can't wait too long as we're taking advantage of Mortgage express letting us out of early repayment charges, and it all has to be done by June.
Any thoughts appreciated
Thanks

50/50 to be honest. If you hang on, there might be better rates, but on the other hand, the rate might go up.

What the Bank of England do seems to have little impact on new mortgage deals these days, apart from whenever their is a rate cut, the lenders increase their new trackers by the same amount to counter it

Bambywamby

If your IFA has already got you an offer from a mortgage provider you can usually mull it over for 14 days before the offer runs out...check if this is the case with yours. If so, wait a few days and see if the rates drop...you could be saving yourself thousands.

feisty1

[quote=Bambywamby;18564093]if the rates drop...you could be saving yourself thousands.[/quote]


mmm I don't think thousands! This is a 5yr fixed at 4.99%, do you realistically expect this to drop to such an extent!!

dimbo61

Can you overpay on this deal and how much are you allowed to overpay each month/year.
Overpaying can save you thousands in interest and make you Mortgage Free years early !!
the 5 year fix at 4.99% is not bad but whats the fee ?

Sharra

Thanks for the comments, I need to check the overpayment thing.
I'm a little confused at the moment as he told us there was a £995 fee, but they pay legal and valuation costs. However, I've just gone to check the Abbey website and they are saying there is no fee payable even with them paying fees etc. Unless I'm missing something obvious - are websites always up to date with the latest deals?

dwsjarcmcd

Their website will be up to date. It is possible they have changed the product in the last couple of days, so you need to check. If there is an arrangement fee to be paid, ask for it to be added at this stage, if you then pull out because you see a better deal, you can walk away. If you give them a cheque, they may retain it it you decide to change lenders. Ideally, before you complete pay the arrangement fee, as other wise you will pay interest on it.

David

beecher

I'm not sure if I'm looking at the same part of the website as you, but it seems to be free only for people moving house. £999 for remortgages

froggy27_2

i'm in the same situation as OP. I have my paperwork to sign back.. we have til 19feb to do so. Offer is for a 5yr fixed rate at 4.69% with no admin fee as we are already customer.. now i don't know if i just go for it or wait for better rates... or not as it maybe the case..!! Oh sbdy give me a crystal ball:rolleyes: ....