Do i need to remortgage?

damsidebear

My mortgage term is up come November, and i have been looking at the market and my broker has been in touch, my question is however, come november if i let my mortgage term expire what can i expect to pay monthly? %/£?

i have £43,000 outstanding(approx)

not quite sure what other info is required?

Just curious!

Wh05apk

Who is your lender? What does it say in your original offer? it may state you will revert to a base tracker @ base + X%

damsidebear

my lender is the Halifax, i'm at work right now so not 100% sure of details after mortgage expires!?

kingstreet

The options you have are;-

- drop onto whatever reversion rate is attached to your current product. This could be Halifax standard variable rate, or some form of tracker

- ask Halifax about a product transfer to one of the deals it has for existing borrowers not moving home

- think about remortgaging to a new lender for a new deal, subject to loan to value and other status requirements.

We need the term, the rate, the amount outstanding and to know whether it's repayment or interest-only before we can tell you what you'll be paying.

damsidebear

kingstreet wrote: »

The options you have are;-

- drop onto whatever reversion rate is attached to your current product. This could be Halifax standard variable rate, or some form of tracker

- ask Halifax about a product transfer to one of the deals it has for existing borrowers not moving home

- think about remortgaging to a new lender for a new deal, subject to loan to value and other status requirements.

We need the term, the rate, the amount outstanding and to know whether it's repayment or interest-only before we can tell you what you'll be paying.

22 years remaining, i think the current rate is 3.79%, repayment mortgage, £43,000 outstanding.

kingstreet

damsidebear wrote: »

22 years remaining, i think the current rate is 3.79%, repayment mortgage, £43,000 outstanding.

Sorry. I should have been more specific. If I worked that out it would tell you what you are currently paying, if that is your current rate. We need to know what the next rate will be so we can tell you your new payments from December.

For example;-

£43k x 22 years @ 3.79% repayment = £240.35 now?

If the rate is 4.5%, the monthly cost increases to £256.88.

If the rate is 3.5% (Halifax standard variable rate), it falls to £233.78. Halifax HVR for more recent product ends is 3.99% which would mean payments of £244.95 per month.

damsidebear

thanks Kingstreet, that makes sense to me.

Thrugelmir

damsidebear wrote: »

22 years remaining, i think the current rate is 3.79%, repayment mortgage, £43,000 outstanding.

Can you afford to make overpayments?