coming to the end of my fixed rate. help!!

gazlang

my 2 year fixed rate mortgage comes to an end at the end of the month. i currently pay £428 a month with bank of scotland. if i stay with them it will lower to £366 a month at an interest rate of 4.804. could i get a better deal else where?

bulletproof_1979

Depends on many factors - how much the house is worth, the term of the mortgage, whether the new rate is fixed or variable etc. You can probably beat the rate easily enough but it'll come with a fee, probably of about a grand, so you'll need to take this into account...

gazlang

thanks for getting back to me so fast, its really appreciated. i took out a mortgage for £65,000 the house is currently worth 105,000. the new offer is a standard variable rate. this is my first mortgage so i'm a bit clueless. why would it cost a grand?

Tuscan

lenders can charge a setup fee, a grand or more depending on the deal.

gazlang

are their any lenders that don't charge a set up fee?

opinions4u

gazlang wrote: »

my 2 year fixed rate mortgage comes to an end at the end of the month. i currently pay £428 a month with bank of scotland. if i stay with them it will lower to £366 a month at an interest rate of 4.804. could i get a better deal else where?

Why not post a bit more information.

- how much do you owe?
- how much is the property worth?
- why did you borrow from Bank of Scotland?
- is it a buy-to-let, residential or other sort of mortgage?
- do you have a clean credit history?
- are you looking for a fixed or variable deal? How long for?
- how much is your salary?

gazlang

- i owe £64,000.
- the property is currently worth 105,000.
- the mortgage adviser i used said told me that it was the best deal he could find me.
- it's a residential mortgage.
- i have a clean credit history.
- i'm self employed so my salary varies.

sammyjammy

They are currently offering a rate of 4.89% 3 year fix to existing customers, fee free I believe, give them a call or check out their website for other offers.

http://www.halifax.co.uk/mortgages/existing-customer-fixed-75ltv.asp

dimbo61

Hi the about deal looks good and if you overpay by the difference between your old mortgage payment and the new one you will have paid a good lump off the mortgage in 3 years time and have security for the next 3 years!