please help

thickashell

can someone please help settle this for me and my husband
our 2 year fixed rate is up soon
we have been offered another 2 year fixed rate

he seems to think there is a fee involved
but i said no
anyone help
also can i go on a fixed rate every 2 years without it costing me

opinions4u

thickashell wrote: »

can someone please help settle this for me and my husband
our 2 year fixed rate is up soon
we have been offered another 2 year fixed rate

he seems to think there is a fee involved
but i said no
anyone help

Who is the lender?
What rate have you been offered?
How much do you owe?
What is your property conservatively valued at?

From the information provided only an online psycic can help you.

Most new deals do carry a fee, often quite high, but they don't have to.

You will usually find that lower rates are combined with higher fees, and higher rates are combined with lower/no fees.

Best way to clarify is to ask the lender making the offer!

also can i go on a fixed rate every 2 years without it costing me

It depends totally on the state of the mortgage market and your lender at that point in time.

tvaddict

point is do lenders charge you for giving you a fixed rate
after your current rate is up
thanks
btw
lender accord
morgate
45000
house worth 85000
2 year fixed 4.59% as far i can see no fees to do it would this be so
if we do if before our current 2 yers is up yes we pay over 2 grand but we would obviously wait till 24 payments made
been looking and yes i undertand we can get a we bit lower rate but if we move it will cost us 2500 to move and prob at least another 999.00 at least to set up another mortgae
thanks

beecher

They often do, and many charge over £1000. None of us can tell you whether your offer involves a fee though - only your lender can tell you that.

A couple of points - your current 2 year deal might not end after 24 payments so check your documentation.

Also, ask your lender if there are any longer deals available - interest rates may be a lot higher in 2 years time so it would be good to know what your longer term options are.

dwsjarcmcd

tvaddict wrote: »

point is do lenders charge you for giving you a fixed rate
after your current rate is up

Yes they can and do, as was mentioned above it depends on the overall mix of product and rate. The higher the rate, the lower the fee and vice versa.

As for the Accord rate and fee, why don't you just phone them.

tvaddict

yes i have phoned them
no arrangement fee for new fixed rate
was offered many rates
was offered a tracker
a 2year fixed and 5 year fixed with NO arrangment fee
only fee that would be involved would be if we changed our current 2 year fixed rate now insted of july when its u p
but my husband (thickashell) well named :jdoesnt seem to see this as i do he is always looking on bad side of things
adament our curent lender will charge just to extend a fixed rate
ok i understand we could prob manage to get a slightly better rate
but it would incure a few thousand pounds and plenty stress
by accepting the new ratewe are already saving 60 pounds a month