First ever remortgage - and just started a new business

bellaboo23

Hi everyone, I'm new here, I've read the faq and the re mortgage guide so hope I'm in the right place to ask some fix v tracker questions and that I get the etiquette right - happy to learn so please let me know if not.

I'm remortgaging for the first time ever and am a bit lost. I'm looking for some thoughts and experiences on fixes, trackers, particularly from self employed people as I've recently started a business and so my take home pay is variable.

My current five year fix ends 31st May and I'm looking at either a tracker (probably 2 years to give me a get out if rates do shoot up - but then, if they do, will anywhere else be any good?) or another fix (probably 5 years, if I'm being cautious I'll be really cautious!) . I naturally veer towards fixes as I remember my Mum getting letters saying her mortgage had gone up by a hundred pounds or so a month at a stroke back when rates were around 15% in the early nineties, and they were horrible times.

Basically, if I take the tracker, I save about £150 a month on current payments immediately. I'd probably overpay by £75 a month, put £30 into savings and £40 into my (has been empty for a long time) pocket. On the fix, I'd save about £50 a month against current payments, which I would probably split 50/50 between savings and my pocket.

I've low LTV, just about 15%.

Any thoughts anyone?

Thanks in advance for reading

getmore4less

New business with no history,

Probably stuck with whatever the current lender will offer you.

Whats the follow on rate on the current deal?

bellaboo23

Hi there, thanks for replying!

I don't know what the follow on rate for their SVR is, just went straight into talking about fixed/tracker options instead. Will find out.

The fixed rate is 3yrs/4.99, 5yrs/5.99; the tracker is 2yrs/base rate plus 2.69 or 3yrs/BR plus2.54

Thanks

getmore4less

Which lender?
It might be a tracker rather than the SVR?

bellaboo23

I can see I need to go back and ask them more questions. Thanks for helping - will be back once I have more info.