Remortgage advice please

andy1984uk

Hi
Fairly new to mortgages so could do with a litle bit of advice please.

Bought my house 3 years ago and my dad sorted out the mortgage. The halifax 3yr tracker has come to the end and i need to find a better deal. I earn about £23,500 and have around £70k left to pay off.

Ive been looking at the ingdirect remortgage. any advice? Is it worth going for a fixed mortgage due to all the talk of interest rate rises?

Thanks

Dave_®f©

Hey Andy...good luck with this thread.

My circumstances are so similar to yours I could almost have posted the exact same (although I have a partner earning about the same again). My Halifax deal runs out in July after a three year tracker so I've just started looking about to see what's available. Have you tried Halifax to see what they'll offer you?

I fancy the ING variable with no fees, set up or exit with a current rate of 5.39% with a promise to be lower than 0.09% above base rate . I don't know whether to trust them though with their rates after the dismal way they handled their savings accounts rates.

Good luck and I'll follow your thread with interest.

herbiesjp

If you want the certainty of knowing what your mortgage payment will be over the few years, then a fixed rate would be the way to go.

Most lenders have now increased their fixed rate deals which means they think rates are on the up.

andy1984uk

I had a meeting with Halifax and they could only offer me what was on their website. They still wanted to charge me all the redemption & startup fee's. Is that normal? They weren't prepared to offer anything better when I showed them the IngDirect deal.

Its either going to be Ing or Woolwich. Ive seen on L&G a 5 year tracker, free basic valuation, free basic legal work. 0.29 above the boe base rate. initial interest of 5.54 for the 5 years. exit fee of £275. Think that maybe the safer option.

The problem with Ing is I think they will very quickly raise their rates and become uncompetitive and there wont be the deals around that there are right now.

Anyone know what the interest rates are going to do for the next 5 years

JoeK_3

Andy, a mortgage over £58,000 is interest rate sensitive and not fee sensitive.

You are better off going for the cheapest interest rate to suit your circumstances.

In my opinion interest rates are due to rise this month.

JoeK