A bit of advice on remortgaging please!

nick1977

Hi all

I am going to see a local mortgage adviser, but thought I'd pop on here first to get some more opinions.

We currently have a 25 year mortgage with Intelligent Finance which we took out in June 2005. It comes to the end of it's 2 year tracker period (0.49 above BofE) and enters it's variable rate in June 2007.

We (my wife and I) are thinking about moving in about 18 months - 2 years.

Naturally I want to save as much as possible, so I phoned IF and asked what deals they could offer. The best they could do was switch to a new tracker mortgage of 0.44 above BofE with a fee of £399. I asked if they could waive the fee but they wouldn't have any of it!

So, my question is, what do people think our best option is, given that we will want to move in the relatively near future?
Our basic earnings are £22,500 (me) and £13,500 (wife) although we both get bonuses in March every year and I get some overtime so we expect mine to be about £27,000 PA and hers to be about £15,500 PA.
We borrowed £128,700 plus one fee that went on the mortgage making it about £129,200. I think we owe about £125,000 now, and the property cost (and was valued at) £143,000 and at a guess is now worth about £155,000.

Hope this is enough info!
Any advice greatly appreciated.

Nick

nick1977

No responses yet....
Is there some info I'm missing?
Any advice would be appreciated.

Nick

herbiesjp

You've done the right thing in finding out what IF can offer first.

You have also found out that lenders will not normally negotiate on the fees.

Now it's down to your adviser to see what they can fins for you - don't forget to take into account the exit fee for leaving IF

You should be fine on the income front, and should have lots of choices - just depends on what features you need from the mortgage

HTH