Mortgage deal coming to an end and don't know where to start looking for new one

portabello_2

Our current 5 year mortage deal is coming to an end. This has been a fixed, high interest mortgage and we are keen to get the interest down this time and are not sure if to choose a fixed or variable rate as we don't really know what's happening with rates.

We just need a new deal at the moment but at some point in the not too distant furtue we plan to move and will want to borrow more. Should this have a bearing on which mortgage we go for or should we just stick to finding a new deal at the moment?

Any advice, especially from brokers, would be much appreciated as we are currently overwelmed by the thought of it all! Thanks

billa_champion

Hi you should firstly contact your existing lender to see what they can offer. Secondly, contact a whole-of-market broker (e.g. London and Country) who can scour the market and find you options that will suit your needs. HTH

shortchanged_2

What is the follow on rate with your current lender?

Going onto that rate may give you more flexibility in that you won't have to pay any early exit fees if you do decide to move lender and want more money later. So have a think about that first.

If you took your mortgage out 5 odd years ago there is a good chance that your follow on rate might be quite good.

R_P_W

What rate are you paying now? What rate will it revert to after your fixed rate period ends? What is your property worth? How much is left outstanding?

If you are planning to move in the not too distant future then this will have a an impact - you dont want to fix for 3 years if you think you will be moving in 18 months.

getmore4less

portabello wrote: »

We just need a new deal at the moment

Why?

Whats wrong with the rate after the fix?


Thats the starting benchmark do nothing.

Then you ask your cuurent lender for their options.

Then you look for somthing better.

in adition you need

the loan size, house value, income.

portabello_2

Hi all, thanks for the replies. We are paying 6.4% at the moment and it will revert to 4.99% when the deal ends in a couple of months. We thought that the new rate was quite poor and would be better off looking for something else but in the light of what you've said and the fact that we want to move asap, maybe we should just stick with this new rate for now. What is your opinion?

Will transferring onto this new rate with our current lender mean that we will no longer be tied in and we could change providers whenever we wanted?

Thanks again.

R_P_W

why dont you answer the questions i asked previously and maybe we can advise you a bit better....your LTV will determine whether the 4.99 is 'good' or not.

Jimbo1976

If you can give some more details the wise brokers who contribute to these forums should be able to give some better advice to see if you are likely to be able to beat 4.99%

How much do you owe on your mortgage? Who is your mortgage with? How much is your property worth? Please look on rightmove etc for recently sold prices of similar properties rather than quoting what the asking price is of your neighbour's house when it appears in the local newspaper property pages.

What is your income/employment? Do you have any debts/fixed outgoings etc?

The more info you give the better the quality of responses you get.