Which fixed rate to choose for remortgaging?

LauraFitz

Hi there, hope someone can kindly advise. My current fixed term is about to end and I need to decide between the 2 new options: 4.69% fixed until 30/11/12, fee £399, or 4.14% fixed until 31/12/11, fee £999. So do I take the lower fixed rate even though it is for a shorter term (11 months shorter) and costs £600 more, or do I take the higher fixed term because it is a cheaper fee and gets me out of the hassle of remortgaging for a longer period?! Thanks a mill, Laura

BULLNOTBEAR

depends on circumstances and size of loan. What is thh Standard Variable Rate you go on to after your current deal finsihes. May be worth staying on that.

Will help if you add more details

herbiesjp

You may be able to find lower rates with other lenders as well - depending on the LTV you are looking at.

LauraFitz

BULLNOTBEAR wrote: »

depends on circumstances and size of loan. What is thh Standard Variable Rate you go on to after your current deal finsihes. May be worth staying on that.

Will help if you add more details

SVR would be 4.99%. Currently fixed rate is 5.34% so either way I'll be paying less per month than I do at the mo. The outstanding mortgage is £72,950 on a property worth around £170,000

LauraFitz

herbiesjp wrote: »

You may be able to find lower rates with other lenders as well - depending on the LTV you are looking at.

Dunno how you work out the LTV, but like I told Val the mortgage is for £72,950 versus a property value of about £170,000. I guess I should just keep on shopping around then hey?

herbiesjp

You have an LTV lower than 50%, so shop around and see what else you can find

The LTV is the mortgage amount divided by the property value (multiplied by100 to give a percentage)

BULLNOTBEAR

Hi Laura. What is the term remaining on the mortgage? I can work out some figures for you then and hopefully they will be helpful

BNB

mbailey

LauraFitz wrote: »

Hi there, hope someone can kindly advise. My current fixed term is about to end and I need to decide between the 2 new options: 4.69% fixed until 30/11/12, fee £399, or 4.14% fixed until 31/12/11, fee £999. So do I take the lower fixed rate even though it is for a shorter term (11 months shorter) and costs £600 more, or do I take the higher fixed term because it is a cheaper fee and gets me out of the hassle of remortgaging for a longer period?! Thanks a mill, Laura

Look at First Direct and Woolwich. They are offering much better 2yr fixed than 4.14% with lower fees than £999.

You need to talk to a broker.

Try the fees-free brokers that Martin suggests:
http://www.moneysavingexpert.com/mortgages/best-mortgages-cashback

I am looking to remortgage myself, and I have spoken to these guys and found them very helpful.