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Re mortgage advice
yorkshire_grafter
Posts: 62 Forumite
Hi
I have a mortgage with the Halifax with a balance of just under £52,000. The interest rate is their standard variable of 3.99%.
My mortgage is a part and part mortgage. £29,000 endowment which is due to mature in September 2014. The rest is on repayment. We do overpayment a little each month but this is dependant on spare cash etc.
Value of the house is roughly £210,000.
A bit miffed with the Halifax when originally we dropped onto their variable rate it was 3.49% but last year us and along with many other had their rate increase to 3.99%.
The letters regarding the endowment are always typed in red and we are realistic that we won't receive £29,000 in September 2014.
Many mortgages offered have high arrangement fees and I don't fancy adding this to our mortgage.
If we re-mortgage do companies still offer part and part? Or should we just go for a straight repayment now and then when the endowment matures pay it straight off the mortgage?
Could anyone recommend or advise of a product that would fit our needs?
Many thanks for your time.
I have a mortgage with the Halifax with a balance of just under £52,000. The interest rate is their standard variable of 3.99%.
My mortgage is a part and part mortgage. £29,000 endowment which is due to mature in September 2014. The rest is on repayment. We do overpayment a little each month but this is dependant on spare cash etc.
Value of the house is roughly £210,000.
A bit miffed with the Halifax when originally we dropped onto their variable rate it was 3.49% but last year us and along with many other had their rate increase to 3.99%.
The letters regarding the endowment are always typed in red and we are realistic that we won't receive £29,000 in September 2014.
Many mortgages offered have high arrangement fees and I don't fancy adding this to our mortgage.
If we re-mortgage do companies still offer part and part? Or should we just go for a straight repayment now and then when the endowment matures pay it straight off the mortgage?
Could anyone recommend or advise of a product that would fit our needs?
Many thanks for your time.
0
Comments
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You'd be better off looking for a remortgage product where the transfer costs are covered for you and there are no arrangement fees. At your sized mortgage, you won't save enough to make it worthwhile chasing the more spectacular rates.
Only you can decide if going all repayment makes sense. There are still lenders who'll do part & part if you have a repayment plan already in place.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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