End of fixed rate

gwen80

Hi

Please excuse me. I don't know loads about mortgages, but I'm currently trying to investigate my options and I wondered what other people's opinions might be (not 'advice' ;-)). I've recently come to the end of my 5 year fixed rate with Woolwich which was at 4.99% and gone onto their SVR also at 4.99% at the moment. I'd like to fix again as the rates are so low. Woolwich offered me a 4 year at 3.99% (I think that was it). It sounded really good to me as my payments would reduce by 60 or 70 quid per month (sorry I left my notes at work). My house needs a lot of work doing to it, so I'd save this to get stuff done. However, I am contemplating going back to Uni at the moment and if I do, I'd need to sell the house next summer. Woolwich charge 3% I think to repay the mortgage. If I was to go back to Uni, I really wouldn't be able to afford to repay that much. Really not sure what to do, so any opinions would be welcome.

Also, does anybody know if anybody does a 1 year fixed rate, preferably with low/no fees (I know, I don't want much!)

Edited to say, I think my loan to value is about 80%, should be better except for the fact the house rapidly started falling apart as soon as I'd bought it - grrrr.

Thanks in advance

Gwenx

Lynn11

I believe that it is a 2yr which is the lowest fixed deal usually offered. Could you not think about applying for this, and see what the ERC fee would be on the last year as sometimes they go down as you get nearer the exit of the deal. Hope you understand.

hearts

I would forget about UNI for a couple of years. Not advice just what I would do ;-)

gwen80

Thanks for the advice. I had no idea that ERC's can change as you get near the end of the deal.

Can't put off Uni anymore I'm afraid. Last chance saloon really for me. Otherwise I'll be way too old and possibly have kiddies in tow, making it a billion times harder. I've got a good first degree, but I don't really enjoy my job that much and would like a career change.

Anybody else with any advice, please post!

Thanks!

Gwenx

hearts

You are making this decision at the wrong time. House prices low, selling very difficult, unemployment rising, and you decide to pack up work and go study. Assuming you do, what are your employment chances likely to be after completion? Taking into consideration the likleyhood that things could be real bad. How secure is your present job, considering the same things.
Some Saloons just have to be passed by when there's work to be done.

gwen80

Thanks for the input. I realise it's not an ideal time, believe me, but I can't let outside factors rule my life and what I want to do.

In the short term, my job is reasonably secure, however the industry I am in is changing rapidly and redundancies are fairly frequent and I'd imagine as a qualified doctor that my chances of employment after my degree would be fairly good.

I've done my work for the last 7 years and worked hard for what I have. I know it's not the ideal time, but if I get accepted I will be grabbing the opportunity with both hands, recession or no recession. That saloon won't be passed by, I've worked all my life for it and it's the only thing I've ever wanted to do...thanks for your advice.

If anybody else has any advice regarding what might be best to do regarding my mortgage, I'd love to hear from you.

Thanks

Gwenx

Sandis

Hello I am new to all of this, I am exploring with my lender, C+G the option to exit my current 5 year deal at 5.89% I am almost 2 years in.
I see that Bradford and Bingley, press release 14/01/2009 are actively offering to waive ERC's, are there any other examples out there of lenders doing this in light of the dramatic drop in base rates, keen to save the £9,000 ERC if I can.

Thanks

dimbo61

Could you take on a lodger to help cover the mortgage ?
3.99% fix for 4 years is a very good deal!
Where are you going to live while at uni student flat/house !!! and pay rent to uni ( expensive ) or private landlord.
Could you rent out your home if you need to live in different part of the country?
Check if lender would allow you to let out property while you study and GOOD LUCK