Renwing a fixed term mortage advice

lucky_steve_2 · 26 November 2010 at 10:23AM

Apologies in advance for my terrible knowledge on all things mortgages.

I took out a two year fixed mortgage 18 months ago and need to understand what I do from here on in ......

Once the two years are up do I need to reapply for a mortgage, if so does involve the same process as I had to undergo to get the original mortage.

will we remain on the same % (it's not the best) ?

will the % im offered be dependant on my credit rating ?

do I have to go back to the orinigal broker or can I do this through the bank that supplied the mortage? which is better ?

are there fee's inolved in renewing, if so what are they typically ?

some real basic questions I know but any advice would be a great help.

many thanks for your time

Steve

GMS · 26 November 2010 at 10:30AM

Once your fixed rate expires you will go on to the revert rate. Check your mortgage offer to see what this is. You may find it is cheaper.

If you move to a different lender your credit rating will dictate what you can get, along with other factors such as property value and income.

You can go back to the broker or use a different one or apply directly to banks/lenders.

Fees vary.

You may be better speaking to the original or another broker given your lack of confidence with the process.