please help- need advise on remortgaging

originalgirl

hi, me and my partner were first time buyers 2 years ago and our fixed rate is ending at the beginging of June. i have just read the info pack but has confused me even more. we originally got the mortgage through YOUR MOVE and they are calling me now for more deals. but i dont know what the best one is or to even get one with them.
if anyone has any advise for us that would be great.
thank you

katsu

Originalgirl, I recommend using an advisor to help you work out what to do next. Have you read Martin's guide to remortgaging? That guide was sponsored by London and Country (I think?) and people here seem to have found them OK. If you do not know anyone who can recommend an advisor to you (which would be the best way) you could call that firm?

It would be ideal to be local to your firm, but it isn't mandatory - we used an advisor from a firm in the wescountry, and we don't live in the westcountry. I'm very happy with the IFA we are currently using.

Hope this is some help.

getmore4less

What are the details of your current deal for some the best option is do nothing and this is the benchmark to compare new deals.

You need to start with,

house value
lender
Mortgage size
rate after the fix usualy a SVR or a tracker.
term(when does the mortgage finish)
income.
Any other debts

originalgirl

when we got our house it was £125.000
the lender is RBS
the term is 40 years
im not totally sure on our joint income until my partner is home from work
we have £500 on a credit card
the intrest rate at the mo is 6.8something

dwsjarcmcd

The key starting place to determine whether it is worth talking to anyone is what is the value of your home v the outstanding mortgage. If your house is valued at £125,000, for example and your mortgage is for £120,000 your only option will be to go back to RBS. If it's £90,000, go and talk to a broker.

One thing you really should think about is reducing the term from 40 years down to 23 or similar, if you can afford it. You'll be surprised how little impact it makes on your monthly repayments.

_Andy_

originalgirl wrote: »

when we got our house it was £125.000
the lender is RBS
the term is 40 years
im not totally sure on our joint income until my partner is home from work
we have £500 on a credit card
the intrest rate at the mo is 6.8something

How much is owing on the mortgage?