Remortgage advice

bonnyd

I'd really value some advice from you experts out there. My current mortgage deal comes to an end in 4 weeks and I'm struggling to make the right decision about what the next best deal is.

My current situation is:

78k outstanding mortgage
16 yrs 2 months left on repayment term
current monthly payment £570

The above was on a 4.43% 2 yr no tie-in - I realise I'm probably not going to better this now but would like to get as near as possible.

Things that are important are flexibility of mortgage, including over/under payments, payment holidays and access to a reserve fund. I don't like tie-ins either.

I've been thinking about offsetting, particularly the One account but only have £1500 savings so am not sure if this is for me. Monthly income is approx £2,400 most of which goes straight back out again although could stretch to £150 of savings a month.

Is anyone able to offer advice on best product / type of product? Will going to a broker definitely help me get best deal?

Any advice much appreciated!

bonnyd

oh yeah and the other product I'm considering is the Woolwich lifetime value tracker at 4.79% but i'm not sure if this will give me the flexibility I need?

MortgageMamma

Hi Bonny

Impossible to suggest a product for your without knowing all your circumstances as it would be irresponsible if we didnt know you matched that lenders criteria. have you taken professional advice on your mortgage options that you have found so far? The first thing I would suggest to you is to see what your current lender has to offer as it could well beat anything on the market presently. I would then suggest you approach a whole of market mortgage advisor and present them with the option your lender has given you, and get them to see if they can beat it. There are a number of products around at the moment that could better the one you have found. I wouldnt recommend an offset mortgage as your savings are too low, what you need is a flexible mortgage with no tie-in;s by the look of it.

bonnyd

Hi MortgageMamma,

thanks for your advice. I'm negotiating with my current lender to see what they can offer. Where will I find an adviser and how much would they charge? Also how long does it normally take as my current deal expires on 30th July?

Thanks again.

tonydee

Bonny, Good news for you. This website has whole of market advisors who are free. I've recently used someone from here and they have been excellent to deal with. His username is Herbiesjp for your information.

Oh and it can take approx 4 to 8 weeks to remortgage.