Mortgage renewal

villa2010

kingstreet wrote: »

The rate varies. The term varies and the presence of early repayment penalties also vary.

You're going to have to research what you exactly want from a mortgage product, then try to establish if the features you are looking for are available in a single product, or if you have to compromise, or prioritise to get the most important things to you.

Good advice, is money supermarket or any others worth checking out?!

kingstreet

Any comparison site should help.

The FSA has its own on the Money Advice Service website, IIRC.

villa2010

I have tried a few comparison sites.

It does not appear that you can get a tracker mortgage which you can come off at any time, you have to stick with them for a certain ammount of time (2 years)

I thought with a tracker mortgage you could switch at any time??!!!

The other surprise was that a fixed rate mortgage was cheaper than a tracker - hoe does this make sense?!

villa2010

we are paying a rate of 4.79% on our existing mortgage.

Does any one know roughly speaking if this is a competitive rate?!

We have some savings and we are debating weather or not to put them back into the mortgage when we renew - Is this likely to bring the % down?!

Hope that makes sense!!!

villa2010

I have found a great mortgage for 2% however the LTV rate is 60%. We have had our mortgage and are looking to remortgage for the above rate, with a different mortgage provider.

The intital mortgage rate we took out was 85% does that mean if we get the above deal we will have to put a large deposit upfront in order to get the LTV rate of 60%

Thrugelmir

villa2010 wrote: »

The intital mortgage rate we took out was 85% does that mean if we get the above deal we will have to put a large deposit upfront in order to get the LTV rate of 60%

Or increase the equity in your property by overpaying the current mortgage.

As a guide. The lower the LTV the better than the rate.