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Advice please
easylife_2
Posts: 69 Forumite
Hi,
I am just coming to the end (31 Aug 10) of a 3 year fixed rate mortgage term where i have been repaying capital and interest at 6.3% APR. I spoke with them last week to see what they would offer for a new fixed rate and they said 5.3% fixed for two years was the best they could do. (I have had my mortgage (first) with them for 5 years now and have always made my monthly payments on time and i have been making a £500 per month over poayment for the last year.)
However, from doing a little research it looks like there are much better rates on the market like HSBC (3.9%) 2 yr fixed rate term. Could anyone please advise me if there is a reason why this HSBC deal isn't as good as it seems?
The whole issue is made more complicated by the fact that i have recently taken a job in Germany for 3 years and am now letting the property which is mortgaged in UK. I am not sure therefore whether i am now looking for a simple remortgage deal or something differnet? Will the fact i am overseas affect the mortgage i am offered?
The other option i was considering was a variable rate mortgage and would be grateful for any advice on good deals available at the moment. I believe i can arrange a new deal 3 months before the end of my current term (31 Aug 10)?
Thanks for any/all help.
I am just coming to the end (31 Aug 10) of a 3 year fixed rate mortgage term where i have been repaying capital and interest at 6.3% APR. I spoke with them last week to see what they would offer for a new fixed rate and they said 5.3% fixed for two years was the best they could do. (I have had my mortgage (first) with them for 5 years now and have always made my monthly payments on time and i have been making a £500 per month over poayment for the last year.)
However, from doing a little research it looks like there are much better rates on the market like HSBC (3.9%) 2 yr fixed rate term. Could anyone please advise me if there is a reason why this HSBC deal isn't as good as it seems?
The whole issue is made more complicated by the fact that i have recently taken a job in Germany for 3 years and am now letting the property which is mortgaged in UK. I am not sure therefore whether i am now looking for a simple remortgage deal or something differnet? Will the fact i am overseas affect the mortgage i am offered?
The other option i was considering was a variable rate mortgage and would be grateful for any advice on good deals available at the moment. I believe i can arrange a new deal 3 months before the end of my current term (31 Aug 10)?
Thanks for any/all help.
0
Comments
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Speak to a whole of market mortgage adviser who will explain options and will know what lenders can be approached and who cannot..otherwise if yr doing it alone you will end up with multiple credit scores and possible declines..due to the fact yr not a standard case..any 2 yr deal (fixed/tracker etc) is not a great idea.........0
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The fact you are in Germany will indeed not make it is as simple as it would appear.
As in actual fact you are not living in the property, but living in Germany.
You may be able to get a residential mortgage deal with a few lenders, but it will depend on the fine details of your situation.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You will need to get consent to let from your mortgage lender (which I assume you have now).0
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