Best morgage deal

galloways

My morgage is coming up for renewing What is the best route or place to renew I live alone and know nothing about doing any of this .
I'm on a fixed rate at the moment and originally bought the house with my ex partner 10 years ago and have been told to start shopping about currenly with bank of scotland at the moment i have been told it ma cost me to swap ??? I would be greatful if somone can give me some information
Thanks

Boozer

The first thing to do is find out from the BOS what rate the mortgage will default to after your fixed period, i had a fixed at 5.9% for 3 years, after this expired the SVR(standard variable rate) was 1.75% over base, and in todays market with base rate of 0.5% i found i am saving money.

This will be written in your mortgage papers somewhere, so have a look, if not just phone them and ask.

EDIT: by saying your up for renewal, i am taking that as meaning your fixed term is up.

galloways

just checked 5.590 Yes up for renewal soon fixed rate up
How soon can you change or does it have to be on the DATE STATED

dimbo61

5.590% does not mean anything !!!
Your mortgage will revert to our SVR which is currently 2005!!!! 5.59%
What you need to find out from Your lender ( Bank of Scotland ? ) is the current SVR and while on the phone ask them what deals they have for existing customers ( or look on there website)
You need to have an idea how much your home is worth and what your LTV is and your lender may use an online valuation to work out a deal for you if low LTV.
IE house worth £200,000 mortgage balance £65,000.
If you want do some research on the web for other deals from other lenders or contact one of them nice "whole of market mortgage brokers" GOOD LUCK

dimbo61

If you are on a fixed deal and try to change lenders early then you will have to pay an ERC ( early repayment charge ) to your existing lender so read the mortgage paperwork to see if its worth do this