Mortgage questions

john1986

Basically had the letter today to say that my current mortgage rate is nearly up (currently5.79%) and that we will revert to there STR mortgage but struggling to find there rates etc any help tips and advise would be massively appreciated cheers

GMS

Which lender?

What does your mortgage paperwork say the rate will go to?

john1986

It says no rates on paper and it's Santander

oldestgnome

Santanders SVR is 4.74% so this will be cheaper than your current rate and your monthly payment will go down....

By putting your outstanding mortgage amount and the number of years left and the new interst rate you will be able to work out your new payments following this link:

http://www.moneysavingexpert.com/mortgages/mortgage-rate-calculator

HTH

john1986

Thanks for the reply that works out about 20 pound cheaper a month, so would my mortgage amount be different every month ? Also what are my other options ? Could I swaP mortgage company or wait and see if the rate drops? Is that likely ?

RJS86

I'm interested in this thread as I am on the same mortgage with the same company coming to an end this Autumn (4yr Fixed).

I can't for the life of me find out what the cost of changing to a different mortgage with a different lender would be. If i did change I'm not sure if I should change to a fixed or a tracker. Also if I do get a new mortgage would I need to get a new valuation as I have done a lot of work to the property and have possibly improved my %LTV

Basically I haven't got a clue about mortgages in general and any advice or guidance would be appreciated.

john1986

Anyone? Looking to get this sorted soon

Thrugelmir

Start by giving Santander a call. See what they'll offer you as an existing customer.