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Fixed rate ends end of May when should I get new mortgage?
perplexed.com
Posts: 202 Forumite
I know questions similar to this have been asked before but for some reason ( stupidity probably!) I can't translate to my own situation. So apologies in advance.
The question is my 5 year fixed rate ( 4.89%) with A&L is due to end on 31st May and I'd like to go onto another fixed rate ( preferably 5yr again ). I have just made a capital repayment and asked when I could "book" a new deal with my current lender ( assuming they had a reasonable offer of course) and they said not to bother until about a month before the end date. However, I thought that mortgages could be agreed several months in advance and I can't see rates/deals changing drastically in a couple of months. In fact it made be a bit concerned that perhaps they were thinking the rates would be increased in this time and I'd get a less good deal ( or am I being paranoid?).
My mortgage should now be at least 60% LTV ( this might be a conservative estimate as it assumes very little increase in value since we bought in 2005 ). I do also realise that trackers can be lower but want certainty and I also realise that other lenders may have slightly better rates but I'd avoid fees if I stayed with A&L.
Any advice gratefully received.
The question is my 5 year fixed rate ( 4.89%) with A&L is due to end on 31st May and I'd like to go onto another fixed rate ( preferably 5yr again ). I have just made a capital repayment and asked when I could "book" a new deal with my current lender ( assuming they had a reasonable offer of course) and they said not to bother until about a month before the end date. However, I thought that mortgages could be agreed several months in advance and I can't see rates/deals changing drastically in a couple of months. In fact it made be a bit concerned that perhaps they were thinking the rates would be increased in this time and I'd get a less good deal ( or am I being paranoid?).
My mortgage should now be at least 60% LTV ( this might be a conservative estimate as it assumes very little increase in value since we bought in 2005 ). I do also realise that trackers can be lower but want certainty and I also realise that other lenders may have slightly better rates but I'd avoid fees if I stayed with A&L.
Any advice gratefully received.
My favourite subliminal message is;
0
Comments
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If you want to see if you can avoid fees, you have to wait.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0
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