Help Needed please

imported_TinCan

Okay i am currrently on a fixed rate mortgage with Nationwide and will be finishing it in June. I borrowed £75000 (of which i have paid off three years in june) and pay around £490 a month. I am totally mind numb with all these mortgage types and need help. I love the fixed rate route as i know that its set and i don't have to worry and can budget easily.

My questions are i understand about paying fees etc but when it comes to remortgaging do you have to pay a deposit or is it just the fees.

Also any ideas of some good deals on fixed rates, i have not yet spoken to Nationwide and i see from reading on here its always best to speak with them.

I would like to probably re fix it for a 3 year period, at least thats a reasonable time and then i can review it again then.


Any ideas, i would be extremely grateful.

Thanks again

Dan.

imported_TinCan

One last question is if i wanted to borrow a bit more than i owe for home improvements what difference would that make to the whole procedure. Possibly as much as £5k on top which brings the mortgage back to somewhere like £76k - £77k ish.

My home is worth somewhere in the region of £130k now....

payless

No the "deposit" in already in yopur equity

so only need to find any fees ( if any) to new or existing lender (generally more fees if leaving but many deals around give assistance to those)

Extra borrowing - generally not a problem

imported_TinCan

Thanks for the advice any ideas re: fixed rate mortgages that are available or worth looking at.

Thanks again

payless

I can't discuss actual products on this forum as it would be calssed as personal advice

There are a number of sites that show comparisons and product listings ( careful they might not give all deals)
or speak to a regulated mortgage broker

Martin's article http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101649966,86816, is a good start and gives some links

although it does not mention http://www.fsa.gov.uk/tables which is also worth a look

imported_TinCan

Thanks ill take a look,

Cheers
;D

herbiesjp

As payless has already stated - can't be too specific on the board for various reasons, but there are some sub 5% fixed rates available all with varying fees - which may or may not suit your particular situation.

imported_TinCan

Thanks again,

One more question, when should i start the ball rolling regarding remortgaging. It ends sometime in June, so should i start getting it sorted way before this time, i just don't want to end up with a increase in mortgage cost until i find a new one.

Thanks again

robnye

3 months before current deal ends.....

my current mortgage company, allow me to take out a new deal with them 3 months before current one expires, but the new one doesnt start until the end of the current deal

but as others have said, find out how much you might pay if you change mortgage companies before your current deal has finished