Mortgage Advice

easylife_2

Dear all,

Very grateful for some mortgage advice please.

My wife and i are coming to the end of our three year fixed rate mortgage with UCB (ends 31 August 07). As i had to self-certify at the time we were given a fixed rate of 5.80%. I now am looking for the most compettive mortgage available (and appreciate that interest rates have gone up recently) but am a little overwhelmed by the options available.

I have been offered the following, but wondered what people on here thought of these and if anyone could advise on any better options:
A 2 year fixed rate at 6.04% or a 3 year fixed rate at 5.99%.

One additionnal problem is i am currently working abroad and letting my property. Am i obliged to disclose this to the mortgage company, and therefore take a buy-to-let mortgage and if so what impact will this have on the rate i am likely to get?

Some details on my wife and I:

Income- £35,000 (me) and wife- £8,000
Outstanding mortgage- 125,000- repayment over 25 years
House value- £180,000 approx
Never had any problems paying monthly payments.

Thanks in advance for any guidance.

MortgageMamma

Hi There

When you went to work abroad and let your property did you ask UCB if it was ok with them? If not you are in breach of your mortgage contract.

What is your occupation?

Who is the property let to, relatives or private tenant?

easylife_2

Hi,

Thanks for the quick response. I am deployed with the British Army although i am a civil servant. The property is let to private tenants.

Thanks

MortgageMamma

Ok, sometimes the lenders are more tolerant with servicemen and women posted abroad temporarily. Will you be returning to the UK?

easylife_2

Yes the intention is i will be returning in early 2009

MortgageMamma

Ok did you get consent to let from UCB? I would consider you remortgaged onto a buy to let mortgage if the figures stacked up, perhaps one that does not charge early repayment charges or which the rate finishes in early 2009? If you have consent to let from UCB you could always go back there and see what they would offer also.

MM