Remortgage - Don't know what to do!!

Sarahx

Hello,

I am hoping someone can give useful, 'noddy language' advice please!
My 2 yr fixed rate is due to end on 31st March.

Current lender: West Bromwich
Current Rate: 4.69%
Mortgage: est £118,000
House value: est £156,000

They have sent me a letter to say the rate is due to end 31/03/2010 and "we will write to you at the beginning of March to advise you of your new monthly payments".

They have not mentioned any further deals and they have not informed me of their current variable rate. I have tried searching online under SVR and baseline rate, but can't find it.

If I did move to another bank can I go onto the SVR or do I have to select a package?

I have been fortunate in the past with end of deal timings and always got lower rates, not sure that I'll be so lucky this time.

ANY advice or thoughts will be appreciated.

Many thanks xx

mark13

Look on their website in the "frequently asked questions" section .

Frequently Asked Questions

What is your standard variable base rate?

• What is your standard variable base rate?

What is your standard variable base rate? The Society's standard variable base rate is currently 5.84%

dimbo61

You need to read all the paperwork that came with your mortgage offer carefully.
What does it say your mortgage reverts to at the end of the fixed rate deal ?
Is it a tracker deal ( IE BOE + 1.5%!!!) or does it just say the SVR at the time.
Give them a call and ask what deals they have for existing customers ( ring the mortgage centre or call into the local branch.
On the figures you have given you have a LTV ( loan to value ) of at least 75% so you could either find a whole of market broker to see what he/she could get you or look on the internet yourself and see what deals you like.

dimbo61

On there website they have a 2 year fix of 4.29% but you have a 1% fee and a 5 year fix at 5.99% also with a 1% fee
You might get it cheaper/ smaller fee as an existing customer

VIGILANT22

West Brom SVR currently 5.84%

Sarahx

Thank you all, I think I need to allocate Friday to mortgage searching day!! You're knowledge and advice is much appreciated.

Sarah x

VIGILANT22

Sarahx wrote: »

Thank you all, I think I need to allocate Friday to mortgage searching day!! You're knowledge and advice is much appreciated.

Sarah x

If doing it alone, start by asking your existing lender what they have on offer.......

Sarahx

I have phoned West Brom and have been told that because I am with WB Mortgages (not building society) the SVR is currently 6.24%, but my mortgage states that at the end I go onto tracker, which is bank of England base rate + 1.99%, thus 2.49% in April (provided BR does not increase) Happy days! I can also go for a 2 yr fixed of 3.89% (current is 4.69%) with no arrangement fees, but at end of 2 years will go onto SVR (not tracker). My plan is to go onto tracker and in April get a mortgage offer (valid 1 month) for the 2 yr fixed and see what the bank of England rate does. Any thoughts?? I am single and don't want to balls this up!!
You guys are great!

Sarah x

happybroker

VIGILANT22 wrote: »

West Brom SVR currently 5.84%

QUOTE FROM EARLIER POST: What is your standard variable base rate? The Society's standard variable base rate is currently 5.84%:rotfl:


sorry...couldn't resist!!

Sarahx

I didn't realise there was a difference between WB Society and WB Mortgage Company. Live and learn! xx

Sarahx

Sarahx wrote: »

I have phoned West Brom and have been told that because I am with WB Mortgages (not building society) the SVR is currently 6.24%, but my mortgage states that at the end I go onto tracker, which is bank of England base rate + 1.99%, thus 2.49% in April (provided BR does not increase) Happy days! I can also go for a 2 yr fixed of 3.89% (current is 4.69%) with no arrangement fees, but at end of 2 years will go onto SVR (not tracker). My plan is to go onto tracker and in April get a mortgage offer (valid 1 month) for the 2 yr fixed and see what the bank of England rate does. Any thoughts?? I am single and don't want to balls this up!!
You guys are great!

Sarah x

Does anyone have any thoughts on this, in the absence of a crystal ball I would like to be as sure as possible that I'm doing the most sensible thing.

Many thanks

Sarah x