Mortgage Renewal Advice Please...

Peelerfart

For my little bit I'd like to reinforce what has already been stated about overpaying. If you can do , then do it.

We've been overpaying for six years and became really serious about it three years ago. I haven't got the interset saved figure calculated but I know we have cut six years of the mortgage .

dunstonh

Mortgages do not renew. There is no renewal point. You take one out for 25 years or whatever and you may buy a deal that gives you x number of years on special terms. After which you either going onto standard variable rate or a tracker depending on the deal. You may be able to buy a new deal but it doesnt involve renewing the whole mortgage.

pinksparkle_2

dunstonh wrote: »

Mortgages do not renew. There is no renewal point. You take one out for 25 years or whatever and you may buy a deal that gives you x number of years on special terms. After which you either going onto standard variable rate or a tracker depending on the deal. You may be able to buy a new deal but it doesnt involve renewing the whole mortgage.

So when your fixed rate ends yuo will automatically go onto the variable rate unless there are any other deals offered with your current lender OR you go elsewhere....CORRECT...???

My fixed rate is 5.39 and the svr with NR is lower then that AT THE MOMENT...Do they credit check you before they put you onto svr or is this automatic???...Would they credit check you if you took a new fixed deal???

Pinksparkle

xxx

dunstonh

So when your fixed rate ends yuo will automatically go onto the variable rate unless there are any other deals offered with your current lender OR you go elsewhere....CORRECT...???

yes (although some substitute tracker for SVR).

Do they credit check you before they put you onto svr or is this automatic??

They dont credit score you again.

Think of it like a mobile phone contract. Deal ends, you keep paying monthly unless you change the deal.

Would they credit check you if you took a new fixed deal???

no

hardworking_bob

I have my mortgage with Abbey at present with a mortgage of £150K against house value to £200-210K so ltv is Ok. My fixeds rate deals doesn't finish until June 09. My question is can I move to any lenders SVR when my current deal expires regardless of LTV? The reason that I say this is Abbeys SVR is pants comapred to others!

dunstonh

My question is can I move to any lenders SVR when my current deal expires regardless of LTV

No. Most lenders arent offering SVR for new business.

chrisclipson

hardworking_bob wrote: »

I have my mortgage with Abbey at present with a mortgage of £150K against house value to £200-210K so ltv is Ok. My fixeds rate deals doesn't finish until June 09. My question is can I move to any lenders SVR when my current deal expires regardless of LTV? The reason that I say this is Abbeys SVR is pants comapred to others!

Not sure that's true that their SVR is not competitive, but as the previous poster says you have no option anyway of taking anyone else's SVR! I would phone Abbey now and see what your options are - my partner's fixed rate with Abbey expired this month and she was talking to them from around October, when they were happy to discuss options.