Remortgage Advice - What Do I do?

craigbroadman

Hi All

Just after some advice after finding out that NRAM have removed their ERC's...

I have been planning on remortgaging when our current fixed rate ends in September 2011 as I would like to arrange another 3-5 year fixed rate rather than going on the SVR. (I am a little scared of the thought of interest rates rising).

Now that the ERC's have gone I could remortgage sooner. We have a together mortgage and have been overpaying the Loan for a little while. It shouldn't be a problem to get some money together so that we have 90% LTV.

So - my question is... where do I go from here? Contact brokers and find out some deals? Go to banks directly?

Also - we plan on moving within the next 12-18 months to a bigger property - is it sensible to remortgage knowing that we are going to move?

Thanks in advance.

Thrugelmir

craigbroadman wrote: »

Also - we plan on moving within the next 12-18 months to a bigger property - is it sensible to remortgage knowing that we are going to move?

If you can reduce your current mortgage to a lower LTV now. This will open up the number of products available on remortgaging. With a resulting lower rate of interest.

craigbroadman

We have probably lost £5K - £10K on the house value since we bought it and our current outstanding balance is around £7K less than what we paid for the house so in actual fact we are probably in slight negative equity.

So unfortunately 90% LTV is the maximum we can get to for a considerable while from ploughing in savings and perhaps borrowing a bit from family.

Our other option is to wait until SVR kicks in, stay on that and try build up our equity, but this may be quite risky if interest rates go up, hence fixed rates go up etc.

dimbo61

well you need to speak to your current lender and see what if anything they can offer you and look at what the SVR will be when your current fix ends in september.
I can understand why you want the security of a fix but any offer will be decided by the lender