Mortgages help please.

ChuckleVision_2

I have recently moved house. The plan is to finish decorating and move house within a year.

The loan is 132k. Currently with C&G on a tracker (tracking .5% over the base rate).

I am keen to get a fixed rate (with no penalty for moving house).

Would this be the right thing to do? What product would you recommend?

Thanks for your help.

MortgageMamma

Are you tied in to your c & g tracker? if so for how long? i.e. when do your early repayment charges finish if you have any

MM

ChuckleVision_2

There is no tie in or early repayment charges with our loan (only stupidly large admin fees!)

MortgageMamma

Are you moving onto a fixed rate because you fear rate rises? How would you cope if rates rise would you struggle with affordability?

Just a pre warning, if you are going to do this act quick, at least five lenders have issued withdrawal alerts on their fixed rates which will go up next week

off the top of my head, nationwide, portman, halifax, alliance and leicester, skipton building society

JoeK_3

ChuckleVision wrote: »

I have recently moved house. The plan is to finish decorating and move house within a year.

The loan is 132k. Currently with C&G on a tracker (tracking .5% over the base rate).

ChuckleVision wrote: »

I am keen to get a fixed rate (with no penalty for moving house).

Would this be the right thing to do? What product would you recommend?

Thanks for your help.

With interest rates due to rise by maybe as much as 0.5% in May, it maybe a good time to go into a 2 or 3 year fix.

See a good whole of market mortgage broker.

JoeK

MortgageMamma

You can possible say that will definately happen!

ChuckleVision_2

MortgageMamma wrote: »

Are you moving onto a fixed rate because you fear rate rises? How would you cope if rates rise would you struggle with affordability?

Yeah, don't like the idea of rate rises! I could afford a rate rise though - just got better things to spend money on than lining banks pockets!

MortgageMamma

Yes I can see what you mean what made you take the tracker in the first place dd you just want something with no tie ins? you can actually get fixed rates now with no tie ins but they are not the most competitive

Will you be raising extra money for home improvements or just doing a straight remortgage?

ChuckleVision_2

Yep, it was basically because we didn't want any tie-ins becuase we know we would be moving house with in 1 year.

It would be a straight forward re-mortgage.

wardlaw

Look for a good Fix re-mortgage where the lender offers you a free valuation, together with free legals to minimalise your outgoings


There will inevitably be some kind of lenders fees, but if required, these can be added to the loan

s

MarkyMarkD

I still don't understand why you have moved house, but still got the tracker mortgage.

Are you saying that you ported a mortgage with no penalties, and therefore no reason to port it, when you actually wanted a fix?

That's silly.