Mortgage Deal Due To End...What now..??

Gatso_Burner

Hi, First post on here so here goes...

Our mortgage is due to end on the 2 year fixed deal with Alliance and Leicester, the current rate we are paying is 5.06 %. We owe 81,000 pounds and i'd prefer repayments over 15 years as this is when i can retire mortgage paid etc..( long way off i know but not soon enough, government run job, say no more !! )

About 12 months ago I also added a loan of 8500 pounds which we wanted to put on the mortgage but A&L stated that due to our deal ending we had to take it on at a different rate of 5.54% and the payments would come out with our mortgage, total amount i need to borrow is as good as 90,000.

I'm tempted to go for a fixed rate short term deal of 2-3 years as this is what we've done in the past, i was also thinking of speaking to a mortgage advisor..Can anyone out their give any advice please.

Great website, been on the mailing list fo some time, currently awaiting a result re our council tax banding...fingers crossed

Many thanks in advance, Cheers.

MortgageMamma

Hi Gatso

The second part of your loan with alliance and leicester on 5.54%, are you tied into that? and if so, until when? Sometimes when people take further advances they can end up with different product end dates which makes it awkward when remortgaging

Also have you called A&L to see what they can offer before you go comparing the rest of the market?

Gatso_Burner

I'm not tied in but have an early repayment charge which ends a month after the mortgage deal ends, so i think the month gap will cost me 257.90 if i go elsewhere.
I'll approach A&L and see what they offer.

Many thanks for taking the time to reply.
All the best.