Mortgage due for renewal

sacol4940

Hi all

Our mortgage is coming to end of its 2 years fixed period in May and we're looking to switch to another fixed.

How do I go about it?

We were first time buyers 2 years ago, will that matter now?

The house will be worth more now than when we bought it, so would I need to get the house re-valued? If so, how?

How do I find out how much is remaining on my mortgage?

The boyfriend is useless with things like this, so he's left it up to me!!

opinions4u

sacol4940 wrote: »

How do I go about it?

1. Do nothing and accept the "go to" rate your lender is offering you. This is usually variable and can often be cheaper than a fixed rate.

2. Ask your lender what other deals they have on offer.

3. Find another lender either by going direct or via a broker. Given your lack of knowledge, I'd see a broker.

We were first time buyers 2 years ago, will that matter now?

No. You are now in the "remortgage" category. Or "product transfer" if you choose to stay with your lender.

The house will be worth more now than when we bought it, so would I need to get the house re-valued? If so, how?

Are you sure it's worth more? The lender you choose will tell you if revaluation is needed.

How do I find out how much is remaining on my mortgage?

Check your mortgage statement. Ring your lender.

It might help if you answer the following questions (call your lender to find out if needed):

a) Who is your current lender?
b) What is the rate you will go to if you do nothing?
c) How much did you pay for the property?
d) If you sold today, how much (realistically) do you think you'll get?
e) How much did you borrow?
f) How much do you now owe?
g) What are your annual salaries?
h) How much do you owe on other loans, and what monthly payments do they have?

Good luck!