Mortgage broker advcie- remortgage

daisbuys

Looking to remortgage current property with Nat west bank.

House is valued at £99950 and looking to borrow £75000 with the bank on a tracker at 3.49% over 3 years with no product fee. There is a 3% early repayment charge though.

I am just wondering if this is a good deal before I go into the bank and sign away. I have done a search online but haven't found any with a no product fee attached, so this seems to be pretty reasonable to me?

Also, this is an open offer for 3 months which I need to take adavantage of to avoid an early repayment fee with my current lender egg. This mortgage deal is also portable, which again is needed as I am looking to move to a bigger house sometime this year.

Any advice appreciated, and could also go with a broker if a better deal is found?

Thanks in advance.

Dave

TMSL

Dave I would seriously consider entering into a three year tracker as you may well find that at the end of the second year and in the third year you will be taking a hit on large base rate increases. I would personally look for a two year tracker as opposed to a three year tracker.

TMSL

Also forgot to say there is a lower rate deal available at 75% loan to value with the Abbey 3.14% free valuation and solicitors and no set up fee.

daisbuys

Thank you Tmsl!

One other thing I can do with this tracker is exchange it to a fixed rate after 3 months.

I shall look into abbey. Any idea if it's portable?

You can pm if you prefer?

Thanks again.

Dave

VIGILANT22

If the worry is what rates will be at the end of 2/3 yrs when exiting, why would you suggest a 2yr as OP will have to exit then also?? and nobody knows what lenders criteria will be then....Will free valuations still be available, will free legals still be available, what level will arrangements fees be set at...and in addition

..... OP states he's moving later this year and looking for portability....with lenders constantly changing criteria....he wants to change his mortgage now and go through a new application for portability later in the year??....

daisbuys......you have posted "mortgage broker advice".....this site is not regulated for advice...if it is advice you require contact a whole of market mortgage adviser.....

dunstonh

Whilst I understand the theory of doing a short term tracker, you have to offset that with the unknown future as Vigilant says as wel as the fact tht you pay charges every time you remortgage or buy or new deal.

If you are concerned about rates in the future then a long term fix may be better.

VIGILANT22

TMSL

If I knew your Compliance Dept I would report you touting for business...you must have read "mortgage advice"...all you had to say was opinion not advice...If you ignore that what else do you ignore....:(

daisbuys

Sorry tmsl, my fault I should have stated opinions.

Reason why I want this particular tracker is because I can do interest only. So with the payments practically halved I can save the extra money to go towards the new home later this year.

Sorry again for asking for advice, should be opinions but no point changing the thread now.

VIGILANT22

You have no reason to apologise...I hope you read regarding portability....when you port it is treated as a new application (altho you retain rate)....