01 April mortgage changes - remortgage

46 Posts
My partner and I have left the renewing of our mortgage to fairly late (the fixed term has finished now so want to get something fixed before rates dash up) - we are with Santander and have called them frequently to see what their latest rates are, and they keep increasing, todays estimate was 2yr fix - 3.69% plus £799 fee. Do you think we have time to continue to look and find a broker with a better deal or do you think we should commit today ASAP with the one we have as mortgage rates are just going to increase daily esp after 01 April??
Grateful for any opinions
Thank you for reading this
Grateful for any opinions
Thank you for reading this
One girl on a mission 

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Replies
What's the property value and the mortgage amount?
Do you want a two year fix or is it all Santander are plugging to stop you looking elsewhere?
We just did 3.29% with woolwich on 2 yr fix with no fee and £300 cash back - but I think that deal has gone now.
THe rate's not bad, depending on your LTV, personally I wouldnt like the fee....especially if you have a smaller mortgage..
April 01, erm stupidly i thought it might of been signifant coz of the budget etc but erm hopefully / i am glad to hear that i am wrong!
We want a fixed as cant afford the risk of variable / tracker increasing to a level we cant afford
I asked santander what the benefits of styaing with them were and they said would have to pay soliciting fees and valuation if we switch...
Apologies for sounding so dumb, I am not normally and I have tried to read up and do some reasearch before asking...but this subject completely defeats me!
Could you cope? Should you be looking for a longer fix?
I don't know the answer, I hope you've thought it through.
Now, the property. At £245k, £177k mortgage is 72% of the value. There's a potential problem. If you use these figures to find your deal, you'll get the "upto 75%" offers and these will look very attractive.
If you apply and the surveyor says your home is now worth £235k, your £177k mortgage becomes more than 75% and you'll lose the deal which made you choose that lender. If their next "tier" deal isn't great, you could end up having to change lenders mid-stream.
What is the likelihood of this happening? What have similar properties sold for in recent months?
Santander said you'd have to pay fees? Nice one. There are loads of remortgage deals where you get a free valuation and free legal work, so all you'll have is an arrangement fee which might be less than theirs!
Lenders, eh? Why is there no "roll eyes" smiley on here?
Thanks again for your responses, I really appreciate it - a mortgage is such a large outgoing but its so easy to pay more than you should / could be due to the complexity of the system. I will keep you posted with what we end up with