Re-Mortgage Advice

Adele75

Hi,

I am new to this forum and would appreicate some advice on re-mortgaging. My re-mortgage details are:

House Value £170,000
Outstanding Mortgage £94,000
Additional Borrowing for Home Improvements & Credit Card Clearance £14,000
Total Mortgage Required £108,000 on a 15 Year Term

My preference would be a fixed rate mortgage for peace of mind but my question is how long should I fix for? Am I better fixing for 5 years based on the thinking that mortgage rates are expected to rise? First Direct are offering a 5 year fixed rate at 3.69% with no booking or arrangement fees. Is this a good deal? Is anybody aware of any better deals? Any advice is much appreciated.

Thanks

Adele

bigadaj

If you are going to fix then five years sounds sensible, little prospect of rates rising dramatically in the next year or two, but nothing guaranteed.

Your loan to value is between 60 and 65 % so should open most of the good offers to you, what is your income and liabilities?

First Direct are very picky but assuming you aren't after a massive multipLe of earnings then they might be OK.

One black mark is repaying credit cards, whilst this reduces the rate of interest it commits you to paying interest for much longer, and lenders aren't keen on advancing for this purpose anymore.

Thrugelmir

Adele75 wrote: »

First Direct are offering a 5 year fixed rate at 3.69% with no booking or arrangement fees.

First Direct may not like debt consolidation as purpose of the equity withdrawl.