On SVR at moment, remortgaging now. FD 2.64% 5yr fix - or wait for even lower?

RedMonty

On SVR now, quite high. Looking to remortgage elsewhere.

Missed out on the Co-op 5 year fix for 2.79% last month.

First Direct at 2.64% for 5 year fix is looking good. Have been looking at rates for the past month. Rates seem to be getting lower and lower.

So, stick with our high 4.74% SVR for another month and hope rates go down even more, or grab the FD offer now?

April 3rd 2013
"Mortgage rates 'to fall further' says Bank of England"
BBC: www. bbc.co.uk/news/business-22013639

(remove space before bbc to get linky)

Cheers RedMonty

ACG

ive read today interest rates are expected to go down on a different site, which sounds good!


Personally, if i was on 4.74% and i could knock 2% off that overnight i would do it. Your paying not far off double the interest rate in the hope you get a deal maybe .1 or .2 better than is currently out there? That makes no sense in my eyes.

Also if you can afford 4.74%, think about keeping the repayments the same or close to. How many years will it knock off your mortgage? Saving you a ton in interest!

michaels

RedMonty wrote: »

On SVR now, quite high. Looking to remortgage elsewhere.

Missed out on the Co-op 5 year fix for 2.79% last month.

First Direct at 2.64% for 5 year fix is looking good. Have been looking at rates for the past month. Rates seem to be getting lower and lower.

So, stick with our high 4.74% SVR for another month and hope rates go down even more, or grab the FD offer now?

April 3rd 2013
"Mortgage rates 'to fall further' says Bank of England"
BBC: www. bbc.co.uk/news/business-22013639

(remove space before bbc to get linky)

Cheers RedMonty

Also YBS at 2.59%

I have an option on the Coop deal but need to commit by the start of May - my current rate is only 2.49% which doesn't make the decision any easier.

RedMonty

michaels wrote: »

Also YBS at 2.59%

Been looking at that, but FD scores on customer service.

Two different quite highly recommended mortgage advising firms gave us 'best offers' from the likes of Santander, Clydesdale and Accord (a small mortgage firm, never heard of them). Each time, I was able to find offers beating theirs by up to 0.5% after just 10 minutes of research.

When I brought that up, both mortgage advising firms went into defensive mode "well that's the best offer we can give you." Remind me, what's the bloody point of a mortgage advising firm again? What do they do??

Grr. I think I'll go for First Direct now, as like ACG says, no point wasting time and energy hanging on the market just to save 0.1%.

What's the latest stage in a mortgage application (for a fixed rate) where if the bank decreases their advertised fix you can switch to the lower rate?

RedMonty.

ACG

Accord is part of YBS, but they only deal with brokers.

To be honest if you have straight forward circumstances most of the time going direct is going to be cheaper - not all though, i have found the occasional one where i can undercut going direct or at the very least match it.

But were not just there to get you the lowest rate. Our job can be helping in tricky situations, ensuring you find a mortgage thats right for you - the amount of times you see on this board people that tied into a 5 year deal with 3 years left and are slating their lender for not allowing them to port the deal even though they knew they were going to move. Ensuring your aware of the risks involved with a mortgage and how to protct against them (on that front we are 9 times out of 10 cheaper than a bank). Doing the paperwork for you and basically taking away the stresses also falls into the services we offer.

It all depends what you want/need as to how we can help. If your a "normal" person then its difficult for us to undercut going direct. But its always worth seeing a broker, you might get a better deal, you might not but all its cost you is an hour of your time.

You could walk away right upto completion but you may be liable for some of the fees.

Thrugelmir

RedMonty wrote: »

Grr. I think I'll go for First Direct now, as like ACG says, no point wasting time and energy hanging on the market just to save 0.1%.

Do you meet the lenders criteria though? Many of these low advertised rates are targeted at specific types of borrowers.

dimbo61

FD now need £50K income !!!! Still a good deal ?

20vt-rs

Take a look at HSBC, they have some fee free rates available and you could consider a fee free tracker rate with no tie in's for the short term until you've decided what to do. Pretty sure you'll find a tracker rate lower than your SVR at present. They also have fee free fixed rates if you want to fix.

Thrugelmir

20vt-rs wrote: »

Take a look at HSBC,

Owners of FD.

FD now need £50K income !!!! Still a good deal ?

michaels

Post Office now 2.63% with a 1495 fee.

RedMonty

20vt-rs wrote: »

Take a look at HSBC, they have some fee free rates available and you could consider a fee free tracker rate with no tie in's for the short term until you've decided what to do. Pretty sure you'll find a tracker rate lower than your SVR at present. They also have fee free fixed rates if you want to fix.

Mmm, nice suggestion in theory, though not sure if I could go through the hassle of switching mortgages twice in a few months! After paying valuations and hidden fees plus value of my time, very unlikely to come out ahead.

FD now need £50K income !!!! Still a good deal ?

Haha i'm not made of money - that's only for their offset mortgages & has been for a while. You gave me a scare, had to do a quick check of their website!