Deal ending soon - My options and questions?

murkins

Here's my situation.

Borrowed 225,000 on a 5 yr fixed at 5.18% in 2006 (25 year term).
Paid 249995 for the house

My deal ends in December this year so I need to start looking for a new deal.

I had queries about this process though.

In theory my mortgage should be down to about 190,000 when it's time to get a new deal. That equates to 76% of the original LTV*


Questions.
1. Will the original purchase price be taken into account when I look for a new deal or will I need a new evaluation? (FWIW, values haven't changed much in my area at all thankfully!)

2. Our original term was 25 years, however can we negotiate that down to 15 years or 11 years?

3. Fee-based (i.e. supposedly truly independent) Mortgage brokers. Are they worth it?

These will be my starting questions and I'm sure I'll have more. I guess that there's no point in looking for a new deal until at least October? Is that a good guess or not. Thanks in advance

kingstreet

1. Your new lender will want a new valuation.

2. You can select whatever term you feel would be affordable.

3. Course we are. You get a rebate of any commission payable and get the comfort of knowing if a direct to lender deal is better you'll be offered it.

I'd look now with a view to applying in October and completing the day after your fix and its penalty ends.

getmore4less

My deal ends in December this year so I need to start looking for a new deal.

whats the follow on rate? might not need to do anything


In theory my mortgage should be down to about 190,000
http://www.whatsthecost.com/mortgage.aspx
£225k over 25y @ 5.18 £1340pm after 5 years close to £200k owing

murkins

getmore4less wrote: »

My deal ends in December this year so I need to start looking for a new deal.

whats the follow on rate? might not need to do anything

I'll check that out.

In theory my mortgage should be down to about 190,000
http://www.whatsthecost.com/mortgage.aspx
£225k over 25y @ 5.18 £1340pm after 5 years close to £200k owing

Your calculator hasn't taken into account my overpaying by £500 a month for the past 9 months and a couple of other overpayments of £500 during the last 5 years