Expecting call from broker

doelani

Our fixed rate mortgage is due to end 01/10/11. When we got it the broker told us he would contact us about 6 months before to remind us to get paperwork together etc for remortgage. To be honest not sure if we are going to .

We are currently on 8.19 % which was fixed.
It will go to 3.29% above BBR so currently 3.79%

Now looking at calculators this will make a difference of about £220 a month if we just revert to the SVR with our current company.

By the time it needs renewed our credit file will be clear of ALL defaults and our IVA will have dropped off. We will have a few things getting paid, car finance and credit cards paid in full each month , so credit file should be fine for a " normal " mortgage.

the thing is if I do not find a job before the time of applying for new mortage we will not have money for fees etc. We had a few things suveyer pointed out last time needed done to house, nothing major but still things we have not had the money to do them all so to get another survey done which will point these thinsg out again will not be good .

Really for a while anyway I just wnat to go to SVR, save the extra we woudl be paying on mortgage and get the word done then think about remortgageing. As long as interest rate do not go sky high we will still be paying less than we are now.

when the broker rings what do I say ? He had a lot of bother gettign us last mortgage due to the circumstances and if we did remortgage would use him again but not in october this year.

I am right that the details on my paperwork for mortgage *3.29% above BBR for remaining term of loan. * cannot be changed as looking on my lenders site and their current SVR is a lot more than this .

hope this makes sense lol

GMS

Your broker will know what your rate will revert to so I doubt very much they would try to talk you into a worse deal,

Keep in mind rates may have increased by October so could be a time to look about.

However if there is no job then no mortgage.

Without seeing paperwork for your mortgage it is impossible to say what revert rate will be but if it says BBR + x% then it should be that.

doelani

GMS wrote: »

Your broker will know what your rate will revert to so I doubt very much they would try to talk you into a worse deal,

Keep in mind rates may have increased by October so could be a time to look about.

However if there is no job then no mortgage.

Without seeing paperwork for your mortgage it is impossible to say what revert rate will be but if it says BBR + x% then it should be that.

thanks for reply


the no job is only me, mortgage last time was taken only on hubbys wages as well so affordability of it is not a problem.

the paperwork says 3.29% plus BBR so currently 3.79% a long way from the 8.19% we pay at minute.

I guess getting paperwork ( payslips etc) ready just in case we do decide nearer the time will do no harm

thanks

LilacPixie

getting stuff together will do no harm at all. Do you have alot of equity in the property?? If you do then the broker may be able to find you a deal better than the BBR + 3.29 svr that you will revert to so the simple thing to say to the broker is can you ind me a better deal? If yes what is it? if no then ok we will stay with current lender on SVR and TBH if it was me I would use the money 'saved' to overpay mortgage and increase my LTV to try and reach the more favorable deals or look at totally clearing car finance if at a higher rate to reduce my overall liabilities