Fixed term up in June- want to remortgage but never done this before.

wannabeasupersaver

Hi All

OUr 5 yr fixed term mortgage is coming to an end in June. We are being moved onto their SVR which is less than we currently pay but I want the security of fixed term. This is my second mortgage but the first time I have ever needed to remortgage as we moved house and changed mortgage last time. My question what is the best way to go about getting a remortgage?

lightspeed

My 3 year fix ends next month therefore i am going through the same process.

I started by scouting around myself, e.g. approaching current lender and completing an online search through moneysupermarket to view current rates etc... - this has helped me gain an insight to whats available.

I have also been in contact with a mortgage advisor who has helped to put some perspective on the options available.

So far i have been faced with one major choice....fixed, tracker or discounted rates. This has been a bug headache trying to choose the right option for me.

Start off by doing a little research and then gathering an idea to what you are expecting to achieve - then get in touch with a MA and see what crops up.

opinions4u

Seeing a mortgage broker. Sites like www.moneyfacts.co.uk can also help you evaluate what a good rate will look like.

If you answer the following questions, other posters may also be able to help:

1) How much is your property worth?
2) How much do you owe?
3) What will your rate be at the end of the fixed period?
4) Who is your lender?
5) Do you have any missed payments or other derogatory information on your credit file?

kingstreet

wannabeasupersaver wrote: »

Hi All

OUr 5 yr fixed term mortgage is coming to an end in June. We are being moved onto their SVR which is less than we currently pay but I want the security of fixed term. This is my second mortgage but the first time I have ever needed to remortgage as we moved house and changed mortgage last time. My question what is the best way to go about getting a remortgage?

Firstly, see what kind of "product transfer" your current lender can offer to persuade you to stay with them.

Once you've done that, try independent brokers and search online to see what the best deals currently look like for a remortgage, moving your mortgage from one lender to another.

If your mortgage is under £130k, a fee-free deal may be a better deal for you than a very keen rate with a big fee.

Finally, decide how you want to apply, direct or through a broker and proceed to apply. If you do apply in the near future, make sure the conveyancer you use is aware that completion cannot take place until the current fix ends and any penalties for early repayment have expired.

Should be a straightforward process as long as you're honest with the possible value of your home, given the current market. You don't want to find yourself losing the product you've chosen because a £5k down-valuation sends you into the next rate bracket and puts your monthly costs up.