What to do, what to do!?

Bezmond

Hi,

Was wondering if any of you brainy people could give me some advice?

My current mortgage deal came to an end some months ago and have been on the Standard Variable of 4.8% with Bank Of Scotland.
I am now looking at sorting out a new fixed rate either by re mortgaging or changing deals with BOS.

I have around 83,000 left to pay on my mortgage. BOS value my property (over the phone) at 104,000. My neighbours is up for sale for 112,000. (although has not sold)

BOS have offered me :- 2 yr fixed at 4.64 - no fee
3 yr fixed at 4.79 - 999 fee
4 yr fixed at 5.19 - 999 fee.

They tell me I'm currently in the 75% -90% LTV. He told me he could arrange a re-value for £108 which if valued at 111,000 or more would take me into more attractive rates.

So what I'm wondering is - Do I take one of the above deals?, get it revalued? or look elsewhere? or wait?

I'm hoping to go for a fixed rate as there is some possibility that I may get made redundant next yr so want to know what is going out each month.

Sorry for the long message, I value any advice you can offer me

Thanks!!:)

CloudCuckooLand

£108 is little enough to be worth a punt. Of course sods, law states that it will come in at £98k...

Shame about the £999 fee. Either of 3 or 4 year deal would be ok without that.

2 year is cheaper than current. If you banked/overpaid the difference in readiness for the chance rates could be higher by then?

Bezmond

Yeah I'm just worried in case they value it lower as no houses being sold around here!

I was thinking of going for the 2yr to be honest.

But then I just had a look at other deals and ING have 80% LTV (which Surely I would qualify for?) and offer 2 yr at 3.39 with 949 fee, 3 yr at 4.14 with 195 fee on app, and 5 yr at 4.70 with 949 fee.

Or are these deals there to attract you in and then they undervalue your house by 10k?

Bezmond

Anyone else have any ideas? I'm a bit of a novice!