Fixed rate mortgage term is about end

paddy145

Hi there. I am looking for a little help as to what my next move should be with my mortgage.
I currently have a mortgage with Halifax. When I took the mortgage on a financial advisor advised me to go on a fixed rate for 3 years. This I did and now the fixed rate is coming to an end on febuary the 1st. I would like to go on another fixed term as I like know what I am paying from month to month but I would like to try and get the best deal I can,even if this means moving my mortgage to another lender.
The balance outstanding is around 48,000.
Any advise guy's. Thanks.

originalmiscellany

Easy!
First Direct or HSBC - Fixed mortgage at something like 3.79% - but you need a good LTV for these rates, and would need to transfer your primary bank account to them.

Do some searching on here, and you'll see a lot of people happy with them - FD and HSBC are the same strands of the same (HSBC) company.

Peelerfart

Details of the FD mortgage are here -

http://mortgages.firstdirect.com/mortgage-products/product/5-year-fixed-repayment~35

it is,in my opinion, a good offer.If it suits your requirements then it may be worth considering.
If that's what you're looking for

paddy145

My partner actually works for hsbc. I have an offer but not sure how good it is.

I need a mortgage for £50,000. It would be over 21 years. The mortgage will be secured against property,with an estimated value of £75,000.

The loan amount including added fees is £50,000.
Term of repayment,21 years.
Repayment method - Capital repayment.
Product description-
The mortgage will be a fixed rate of 2.99% until 28th Febuary 2013.
Initial intrest rate payable-2.99%

The total amount you must pay back including amount borrowed is £72,736.22
This means you pay back £1.45 for every £ borrowed.
The overall cost for comparison is 3.9%APR

These paymants are based on a loan amount of £50000

:27 monthly payments at a fixed rate of 2.99% (£267.50)
followed by
224 payments at a variable rate,currently 3.94%(£289.60)
followed by
1 payment of at variable rate,3.94% (£289.32)

I copied this info from my mortgage offer.
Should I snap up this offer ?

beecher2

Are there any fees - arrangement fees and legal fees? From looking at those figures, staying on the Halifax SVR of 3.5% would only cost you about £5/month more, so if there are fees to pay that may well cancel out any benefit, even giving for rates increasing. If you're looking for a fix, best to fix for longer so as you won't have to pay fees again in 2 yearst ime.

paddy145

Fees are-

Fixed rate booking fee (payable on apllication) £199

Completion fee (payable when mortgage is drawn down) £30

Valuation fee £125. Not sure if I have to pay this.

paddy145

Fixed rate for 5 years would be ideal however my Ltv is not 65%.

beecher2

Your LTV is below 75% so you should get a 5 year deal somewhere. It won't be as low as 3.5% or 2.99% though. Why not stick on the SVR and overpay - can't see it being worth £325 to save £5 a month for 2 years. It would cost you £5 for each quarter point the base rates go up - with such a small mortgage the differences are far lower than average.

paddy145

Think I may just stick with halifax and their standard variable rate. With my fixed term finishing and I am dropping from £325 p/m to £260p/m.
So long as intrest rates don't rise drastically,I should be fine. Don't see it being worth paying those fee's every 2 years.