Mortgage virgin please help me!

bornsecond

I am coming to the end of a 5 year fixed and current lender unable to offer competitive rate - I have low LTV of 37% and need 155,000 over 27 year term. Can someone point in in the direction of a decent 3 year (ideally) fixed product that does not have any charges attached. Desp trying to reduce my monthly payment of £850 per month. Thanks to all for any help/advice.:D

opinions4u

www.moneyfacts.co.uk/mortgages.

Who is your lender and what choices are they offering you? What's the SVR that you'll go on to if you do nothing?

bornsecond

Halifax 3.5% SVR - Choices - 3 year 4.59 - £832 per month

Thrugelmir

You'll struggle to find low low 5 year fixed rates.

So maybe a more productive approach would be to stay on the SVR of 3.5%. Review all your expenditure and use any savings made to overpay your mortgage.

You've £250k in equity so maybe downsizing is another option if finances are strained. 27 years is a long time to struggle with your mortgage repayments.

dimbo61

First direct have a 3 year offset fix at 3.99% fee £99 now its an offset mortgage I have gone for and FD give you the Interest Only payment of £515 a month but if you paid £782.20 it would be the same as a repayment!
But at the end of 3 years you would still owe £144813.65
First direct also do a 5 year fixed ( not offset !!!) at 3.89% which would bring the payment down to £774 a month fee £99 which is one very good deal and after 3 years you would still owe £144667.25 ( whatsthecost)
If it was me and I could get the deal I would jump at the 5 year deal but thats only my opinion and not advice GOOD LUCK