Remortgage Deal Help

simon_Sam

My Current Situation is I owe £133500 and bought my house 2 years ago for £170k. I figure at present my house is not worth £170k possibly £160k may be less.

My first question is does anyone know of any good deals out there that would give me a lower interest payment? Yet keeping my borrowing unchanged?

Second we had wanted to complete an extension to the house but I’m now seriously considering putting the money into my mortgage to drastically reduce my monthly out goings. So my plan is to divert the money we inherited in to a mortgage instead of an extension.

I’m able to add about £30k £40k as additional deposit bring my borrowing amount down to £93k and £103k obviously the LTV ratio will all depend on what the house gets valued at.

Does any one know of any good deals based on these figures. I know HSBC have a great deal for LVT of 60% or less is it 2.49% I think

Ultimately I’m not sure what to do. Part of me wants to go on a cheaper deal that has no tie in period or penalties like the HSBC deal so I can jump on a fixed rate in say 12 months time if I need to. Another part of me is just saying pay the extra money into my current deal and then move later as there is no fee. But given the interest rate differences it just seem silly not to move or do something.

Are there any other good deals out there that have low or no arrangement fees?

Finally would my existing Bank which is Halifax move the mortgage from TMB on to there SVR rate for free? Providing it is better that is

If anyone has any comments/suggestions I’d be grateful.

In short my main goal is to reduce my mortgage payments as much as possible either by just a better deal or by adding funds to decrease my borrowings.

Thanks for any comments in advance.

Simon & Sam

simon_Sam

Sorry everyone missed the first part of my post when I pasted it in here. Here it is in full again.

Hi

Looking for some friendly advice on a possible remortgage.

My current deal ended at the end of last year it was fixed rate with TMB. We are now on there SVR rate at 4.84% which is great as my payments have gone down but I know there are far better rates out there.

My Current Situation is I owe £133500 and bought my house 2 years ago for £170k. I figure at present my house is not worth £170k possibly £160k may be less.

My first question is does anyone know of any good deals out there that would give me a lower interest payment? Yet keeping my borrowing unchanged?

Second we had wanted to complete an extension to the house but I’m now seriously considering putting the money into my mortgage to drastically reduce my monthly out goings. So my plan is to divert the money we inherited in to a mortgage instead of an extension.

I’m able to add about £30k £40k as additional deposit bring my borrowing amount down to £93k and £103k obviously the LTV ratio will all depend on what the house gets valued at.

Does any one know of any good deals based on these figures. I know HSBC have a great deal for LVT of 60% or less is it 2.49% I think

Ultimately I’m not sure what to do. Part of me wants to go on a cheaper deal that has no tie in period or penalties like the HSBC deal so I can jump on a fixed rate in say 12 months time if I need to. Another part of me is just saying pay the extra money into my current deal and then move later as there is no fee. But given the interest rate differences it just seem silly not to move or do something.

Are there any other good deals out there that have low or no arrangement fees?

Finally would my existing Bank which is Halifax move the mortgage from TMB on to there SVR rate for free? Providing it is better that is

IF anyone has any comments/suggestions I’d be grateful.

In short my main goal is to reduce my mortgage payments as much as possible either by just a better deal or by adding funds to decrease my borrowings.

Thanks for any comments in advance.

blueberrypie

simon_Sam wrote: »

Does any one know of any good deals based on these figures. I know HSBC have a great deal for LVT of 60% or less is it 2.49% I think

HSBC's 2.49% is a tracker - the 2.49 is not a fixed interest rate, but is what you pay *above the base rate*. So right now, it would be 2.99%, but once the base rate starts to rise, so will your mortgage payments. If your goal is to lower your mortgage payments in the longer term, this might not be a good option for you.

Finally would my existing Bank which is Halifax move the mortgage from TMB on to there SVR rate for free? Providing it is better that is

No, because you can't start a mortgage on SVR. SVR is the rate that you move onto at the end of the tied-in period of your mortgage.

simon_Sam

In terms of monthly payments going for a deal like i guessed would give me the cheapest monthly payment for the next 12 to 18 months even if rates rise slightly. Accoridng to the HSBC website they do a tracker which tracks 1.99% above bank of england base rate.

I guess i'm counting on interest rates not going up that quickly which could be a mistake. I mean a good fixed rate would do but the best i'm seeing for these is nearer just over 3% for 2 years and in 2 year interest could be quite a bit higher than say fixing a deal in a year.

I figure i could have 4 or 5 .25% base rate rises before i hit those sorts of rates at which point i could then go for a good fixed rate deal. But of course the fixed rates deal will be higher i guess. THe HSBC deal comes with no tie in which i thought left the option open for me

I mean what are other peoples thoughts on when interest rates will start to go up? I know no one has a glass ball but i was hoping at least 6 month.

And when they do go up will they go up steep or gradually?