Remortgage advice

1980chris

Hi there,

I'm looking for some advice about remortgaging my house. My present deal was over 25 years and is a 5 year fixed at 5.89% and its over on december the 1st. I'm paying £685 a month and I will still owe £96000 on the mortgage, my house is valued between 120000-125000. I need some help on what I should be looking at doing. Thanks in advance for the help:)

Dave_Ham

You cannot really do much until around August.

What you can do is ascertain what Standard Variable Rate you will move to when the fixed deal ends. If this is attractive you may want to hold there for a while.

No matter what happens you will either be able to reduce your monthly payment or your mortgage term this time, as I cannot imagine whatever happens your next deal will be on 5.89

The SVR should be on the paperwork you had when you did the last 5 year mortgage, alternatively your bank will be able to provide you with the information or let us know which bank it is with and there is a good chance we will already know what it will be.

Good luck

1980chris

Thanks I'm with the bank of Scotland/Halifax

dimbo61

The Bank of Scotland/Halifax website talks about to different rates HVR of 3.99% and SVR of 3.5%
Now you need to get out the paperwork and read it carefully as its 5 years old ( nearly) and read what the mortgage reverts too at the end of the fix.
If you have problems just ring the lenders mortgage centre and ask them.
You can come july/august see what your current lender can offer you and then look at other lenders