Remortage advise ?

adamcarvell

my current mortgage deal expires somtime in march it is currently with the alliance and leicester. we are looking for a fixed deal of about five years for peace of mind. is it easier to stay with them as there are no checking wages and valuations etc. as my earnings have dropped by 5k a year?.any idears?.

herbiesjp

It will be easier in that respect.

However will they be giving you the best deal?

You have not given any figures i.e. property value, mortgage amount, incomes, debts etc to base any guidance on.

adamcarvell

income combined 27k which is poor i know having lost so much in wages but kept a job so to speak house value is 160kish at the moment .
morgage is 83k.

herbiesjp

First port of call is definitely A&L

However, based on those figures, you may be able to find other 5 year deals that are better value for you

adamcarvell

im 44 years old and we moved 3 years ago increasing the number of years left to pay on our morgage to keep payments low. however other than wionning the lottery or getting a dream job not likely what's the best way or reducing the years but still keeping the payment's low ? fixed ? tracker? or offset. by nature we have alway's had fixed for peace of mind. and wheres the best place to start looking and comparing?.

herbiesjp

On a repayment mortgage, the only way of reducing the term is by actually reducing the term or by overpyaing.

However, both will result in higher payments.

Offseting can also help, but you will need a fair bit of money offset (see sticky at the top of the board).

If you are confident enough of going it alone, you can look at the comparison websites - although be warned that these can sell on your details to brokers who will then call you.

If you think you need help then you should get in contact with a whole of market mortgage adviser who should be able to help.

adamcarvell

do thease whole of motgage advisers charge you direct? or get thier commission from the bank's building society's? also got no saving's whatsoever im afraid.

herbiesjp

Some charge - some get their fee from the lender

Some get both.

Offset no good to you then.

By the questions you are asking you are asking, it sounds like you will benefit from the help of a whole of market adviser.

adamcarvell

been lokking on a&l website as im remortgaging and have a premier account with them also they are offering a rate of 4.95% fixed for five years but with an £995 booking fee is this a good deal?.
http://www.alliance-leicester.co.uk/mortgages/interest-rates.aspx#5yr_fixed

dimbo61

Ring them up and ask them about the deal !
Ask as an existing customer what deals they have for you !
You never know if you dont ask and they may well have some good deals for current customers.
If you want the 5 year fix at 4.95% tell them you cant afford the £995 fee and will have to move lender if they wont reduce/scrap it for you. ( they can only say NO)
At the end of the day you still have a debt which must be repaid but this deal gives you 5 years security and a fixed payment each month while hopefully your income goes UP

adamcarvell

rang them up today they offered us a deal of fixed for 4years at 4.79% with no fees . the firm i work for announced redundancies today aswell so went ahead with the deal as if i lose my job swapping lenders would have been a nitemare . wife wages pay for the mortgage so well pleased and reduced the years down to 20 from 27 so not bad in my opinion.:D