Mortgage: HELP ME SAVE MONEY...PLEASE!!

skinto_malinto

hi Martin & everyone.
just looking for a bit of advice on my mortgage. I have a year left of a 5 year fixed interest mortgage. after the 5 years it will rise to whatever the rate is at that time. now, i regularly change my credit cards after the interest free period expires.....can i or should i try this with my morgage?? ie, renegotiate my mortgage to another fixed rate period or swap to another morgage provider that will give me 5 years or so, fixed rate???
i'm not sure if switching will elongate my mortgage period or is it just not feasable to do this?
afraid i'm not to clued up on this, so ANY information or advice would be most appreciated.
i look forward to being confused by your responses!
cheers

skinto

BeerBelly

Hi there, fairly new to the mortgaging world, but you can change to another fixed rate deal when you are outside of your current fixed rate period, but check what the 'exit fee' is with your currently lender. You will need to pay this to leave your current lender.

Then on top of that the new lender will prob charge for an arrangment fee which will again vary from lender to lender. The put them in the same way credit cards have started putting 2% on Balance transfers, so they still make money from you when you hop about taking advantage of introductary offers. Nationwide has started a new trend, trying to keep customers, by other better deals for 'Loyal Customers' - is this the way other bansk will go?

Hope this is a start... some more experienced peeps will give you some more info no doubt...

dunstonh

the existing lender will often (but not always) offer a new deal for you to move into. Sometiems you have to ask for what deals they will offer. You can then go to a whole of market mortgage adviser and ask if those deals can be bettered. If they can, you can remortgage. If they cant you take the deal on offer.

herbiesjp

Indeed agree with dunston.

First port of call will be your current lender - find out what deals they will offer you based on what you are looking for i.e. 5 year fixed rate repayment mortgage over 20 years.

You would then find a good fee free whole of market adviser and let them do some research for you and come back with options that match what you are looking for

You will then be able to compare all the schemes and decide which is the most appropriate for you

HTH

skinto_malinto

thanks y'all for replying. keep it coming tho folks...i want to be armed with as much info as my tiny wee brain can soak up!!
cheers
skinto.