end of variable, want fixed but what?

janetmcc1

Hi there

I am in a predicament re: my remortgage of property and wondered if anyone could offer some advice.

Its worth £150,000 and we have £105,000 outstanding therefore 70% ltv with 17yrs left to pay. Currently with santander therefore £225 exit fee.

I really want another fixed rate but completely unsure which one?

I have seen 2 yr fixed:

HSBC 3.39% £999 fee
or
ING 3.64% no fee

Does any one have help which one I should take or if there is another out there on the market which offers a better rate?

Many thanks, really need to sort asap as been on the variable 4.24 for about 6 months.

thanks again

kingstreet

If you're looking for a short-term fix, at your mortgage size you're likely to find a higher rate with no set-up costs saves you money over that period.

What will Santander offer you to stay with them, saving you £225?

Is that a good, accurate valuation? If you apply for a deal and your property is downvalued, are you going to have to change lenders because you're no longer eligible for their offer?

For example;-

£105k on £150k = 70% LTV

£105k on £140k = 75% LTV.

janetmcc1

Santander were 4.24 fixed, same as variable I am paying at 4.24 therefore they are not very good at all.

I've had a look at similar properties and I do think that compared to others that is a fair valuation.

We were paying £680 but overpaid to £800 to decrease faster and I'd be keen to get something similar?

I can't get my head round whats the best offer HSBC or ING (or another)?

Thanks for taking time to reply

noodle

A 'word of warning' re HSBC - I have a property which is comfortably worth £135k, and is on the market for £150k - but HSBC won't value it at more than £121k for their purposes.. and they were also extremely conservative when my deal was first taken out.

Obviously, that could be an issue specific to my propery/location - but if they are just a bit stingier than other lenders in their valuations then you might not get the LTV you think you'll get.

janetmcc1

thanks for the warning re HSBC. They already said my property wasn't worth £150,000 from their computer check when I would expect at least £165K.

Think I may well just go for ING.

do you think 3.64% is a good rate for 2 year fixed, 70%ltv???

Thanks again