B & B Mortgage

mealmond

Hi

I am three years in to a ten year fixed mortgae with Bradford & Bingley at 5.49%.

As with most of the B & B mortgage customers, I have been offered the chance to look for another deal with no cost to me until the end of June.

So far I have not seen anything I think would be worth swapping for, working out good rates with fees.

I would be looking for at least a five year fixed.

The mortgage is going to be about £55k with the property being worth £75 to £80k.

Anybody any thoughts on what I should be looking for, in an ideal world, I would like a lower rate but lower the number of years the mortgage is over, this wold increase the payments to near what I am paying now.


Thanks


Martin

sim11

4.89 5 year fix with natwest only £299 arrangement fee, no other fees at the moment

beecher

I'd wait and see what happens in the next few weeks - fixed rates are coming down a little at the moment. I'm hoping 4% 5 year fixed rates will be available in the next few weeks. I may be caught out, but I think it is worth the gamble.

edit: that being said, you are very close to the 75% LTV rate so maybe you need to move to get the sort of deal sim11 points to as the 85% LTV rate is 0.8% higher.

mealmond

Thanks for the tip about Natwest, that seems similar to what I was looking for.

I have not remortgaged for a while, on their calculation table it mentions a minimum deposit of 25%, I presume I do not have to put a deposit down for a remortgage, but the fee of £299 seems ok.

Doing some figures, it looks as though I could take down the length of the mortgage down to 16 years, keeping the payments similar to my payments now.

That was my orginal idea, lowering the length of the mortgage.

I suppose my next action is to get a balance from B & B and then consider my options, I have until the end of June but I want to be able to act quickly for the right deal.

Thanks again.


Martin