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to remortgage or not to remortgage
milkymoo
Posts: 8 Forumite
Hello all
I have a 5yr fixed mortgage, rate 6.2 that will end Apr next year. Still to pay £153000 (ltv is 90%), £2000 savings. ERC is £2000. I can afford overpayments up to £350 pcm
I have this big dilema. Should I remortgage now and pay erc or continue payments untill next year. I don't want to miss out on the opportunity to get a good deal. I expect bank deals to be much worse in a year time.
I was thinking about HSBCs Lifetime Tracker Special for 90% LTV at 3.79 above BoE rate, currently 4.4. Apparently there are no fees to be paid, (i have to read small print yet). I know the only way for the rates is up but I am well prepared since I've stuck with 6.2
.
Or maybe there is a better offer. I want a flexible mortgage that allows overpayments without fees to get the LTV down as fast as possible
Or again should I wait until end of fixed period and then my lenders rate jumps in anyway.
All I want is the peace of mind that what I'm dooing is right. I can't make up my mind, I could use some of your experince.
Thank you all for your time :A
I have a 5yr fixed mortgage, rate 6.2 that will end Apr next year. Still to pay £153000 (ltv is 90%), £2000 savings. ERC is £2000. I can afford overpayments up to £350 pcm
I have this big dilema. Should I remortgage now and pay erc or continue payments untill next year. I don't want to miss out on the opportunity to get a good deal. I expect bank deals to be much worse in a year time.
I was thinking about HSBCs Lifetime Tracker Special for 90% LTV at 3.79 above BoE rate, currently 4.4. Apparently there are no fees to be paid, (i have to read small print yet). I know the only way for the rates is up but I am well prepared since I've stuck with 6.2
.Or maybe there is a better offer. I want a flexible mortgage that allows overpayments without fees to get the LTV down as fast as possible
Or again should I wait until end of fixed period and then my lenders rate jumps in anyway.
All I want is the peace of mind that what I'm dooing is right. I can't make up my mind, I could use some of your experince.
Thank you all for your time :A
0
Comments
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What will your SVR be (based on today's rates) in May 2012?0
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opinions4u wrote: »What will your SVR be (based on today's rates) in May 2012?
SVR will be 3.84, that was in my recent letter from the provider
thx.0 -
Based on that I can't see much benefit in paying an ERC and moving on to a tracker that is likely to be higher than your SVR next year.SVR will be 3.84, that was in my recent letter from the provider
thx.
Does your current lender offer any opportunity to pay the ERC and move on to their SVR?0 -
opinions4u wrote: »Based on that I can't see much benefit in paying an ERC and moving on to a tracker that is likely to be higher than your SVR next year.
Does your current lender offer any opportunity to pay the ERC and move on to their SVR?
Well, it is something worth checking as I haven't done any research yet. If indeed they will let me move, will I be better off paying £2000 erc and switching to SVR?0 -
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