Advice Please! Mortgage deal ends July 2010

missma

Hi all,

R current mortgage deal which is 6.29% fixed ends in July 2010 this then goes to SVR. When should we start looking at new deals. Has anybody any idea of any good deals about. We have a good credit history. Mortgage is about £90000. House value approx £110000

Thanks

getmore4less

Whats the lender and the SVR

missma

The mortgage is with Accord, I checked the SVR last week with the company and it is 5.99%. (We live in Northern Ireland) We probably would we looking to move in the next couple of years. We both have excellent credit scores. Just wonder is it worth changing with charges some companies are charging. Also would we have enough equity with drop in house prices to get a better deal.

missma

Is this high for SVR AT PRESENT?

andrewmp

Yes, that's high

missma

Yea thought it was do u reckon we would get a better deal than that, should we start going to broker now?

andrewmp

missma wrote: »

Yea thought it was do u reckon we would get a better deal than that, should we start going to broker now?

You'll be able to get a 3 year fix at around 5% I'd imagine.

missma

that sounds pretty good, I hope the fixed rates do not rise to quick with the talk of a pending election. I think fixed is a safer option

missma

Hi all,

Just an update I contacted Accord this morning to check how much we owed. It should be around £89000 by end of July 2010 (when are fixed deal ends). They said the fixed rate they could offer would be 5.79%- 2 year fixed as they felt are LTV is only around 81%. The girl said we could pay £75 for a valuation and if value was increased may be able to get 4.39%. Both these I think she said had no fees.

We also had an appointment with Halifax today, they said they could offer us a fixed rate at 4.19% this however has £495 of fees and £245 fees (something she says they now add in which used to be paid at end of loan period). However this rate is based on are house being valued at £120000. The least it can be valued at to get this rate is around £118000 to get this deal. If valued below this there rate is 6.54% plus more fees.


Feeling very confused, we both have excellent credit rating and earn around £50k plus joint income before tax. I think maybe we need to look around more. We need something which is portable. We need to move at some point and then I wonder should be just start looking to move now.

Sorry if this is confusing but really need some advice

Thanks

u02ja3

hi missma, you are in a practically identical situation to me! when our fixed rate ended a few months ago we went onto our lenders svr, which is 3.5 we're with halifax (in sotland though, that might make a difference?) maybe you could see if you can go with their svr? i don't know how it works going to another lenders svr. you're income is also simlar to mine, what we're doing is making big overpayments, so when the interest rates rise (which they'll have to at some point?!) then we'll have a better ltv for getting a fixed rate in a year or so. (have a look at the mortgage and overpayments calulator on this site, it'll give u a great incentive to pay a bit more!) that's the plan anyways! hopefully that helps you?
oh, and it might be worth getting your own valuation done- our bank had ours linked to an idex thing, and was about 15k under what an identical flat next door was valued at!

missma

Yea is hard to know what to do this was never planned to be a lond term house. We need to move at some point. I would worry about going on an SVR that the rates would shoot up. We did look at the Halifax one today at 4.19% and taking this over 17years instead of 23 years as this is around the monthly payment we pay at moment. I kind of doubt we will get this rate though, houses on street on for £122950 but been on ages and one that needs gutted on at £90000 hard to know what ours would be valued at. Had an offer of £185000 on it at peak and has new kitchen and downstairs doen since that.

Thanks