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New mortgage comparison - balance or original loan value?
minkoir
Posts: 10 Forumite
Hello MSE community. Quick question about shopping around for a new mortgage deal for you here.
Coming up to the end of a 3 year fixed deal with Nationwide, we were first time buyers taking this out so not had to find a new deal before.
When I'm shopping around comparing rates, do I enter the original mortgage value and duration (we borrowed £140k against a property worth £165k over 25 years), or do I figure out what the current mortgage balance is and enter that figure over 22 years instead?
Our 3 year fixed rate was 5.9% (I think) and will automatically switch to the SVR which is currently 3.99% so should be quids in, although I need to find out how the SVR has fluctuated over the past 3 years before I decide to stick with it.
Many thanks!
Coming up to the end of a 3 year fixed deal with Nationwide, we were first time buyers taking this out so not had to find a new deal before.
When I'm shopping around comparing rates, do I enter the original mortgage value and duration (we borrowed £140k against a property worth £165k over 25 years), or do I figure out what the current mortgage balance is and enter that figure over 22 years instead?
Our 3 year fixed rate was 5.9% (I think) and will automatically switch to the SVR which is currently 3.99% so should be quids in, although I need to find out how the SVR has fluctuated over the past 3 years before I decide to stick with it.
Many thanks!
0
Comments
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Current balance and residual term.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »Current balance and residual term.
That's great, thank you so much for helping.0
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