2 Yeard Deal Due To End - Where Do I Start?

herbiesjp

Nobody can really tell you if it is a good deal for you without assessing your full scenario and requirements.

However the deals offered do not look too bad in terms of rates offered.

You would need to investigate further to see if there were other deals out there, maybe fee free, that could work out more cost effective for you.

If you do look to leave Nat West, you would need to take into account the mortgage closing fees, again to make sure it is the most cost effective deal for you.

HTH

FirstTimer4Me

OK herb, thanks for taking the time to reply.

apk1

Your debts are high, how are you repaying these, or are they just drifting along ? if so and if you are paying 15-20% you are paying afortune in interest, could you add to mortgage, but over say a 5 year term to ensure repaid within a reasonable term, thereby splitting your mortgage into 2 parts ?

I assume the deals you were offered were again 2 year deals ? if so the £499 deal is approximately £21 pm month if repaid over 2 years making monthly repayment of £532 roughly.

Again as Herbie sjp suggests shop around use a broker you will no doubt get a better deal.

FirstTimer4Me

apk1 wrote: »

Your debts are high, how are you repaying these, or are they just drifting along ?

I pay the minimum on a DD

apk1 wrote: »

]if so and if you are paying 15-20% you are paying afortune in interest, could you add to mortgage, but over say a 5 year term to ensure repaid within a reasonable term, thereby splitting your mortgage into 2 parts ?

No idea how I would do this, and if it would cost me anymore money

apk1 wrote: »

]I assume the deals you were offered were again 2 year deals ? if so the £499 deal is approximately £21 pm month if repaid over 2 years making monthly repayment of £532 roughly.

Yes, they are 2 year fixed rate

apk1 wrote: »

Again as Herbie sjp suggests shop around use a broker you will no doubt get a better deal.

Would that involve just contacting my local estate agent, and using their MA?

Nat West will be calling me back on Tuesday to see if I'm ready to accept 1 of their new deals, not sure if I have enough time now to find a better deal.

As I'm new to all this, I find it all very confusing!!!!

I do thank you for your help and guidence.

meanmachine_2

You're very fortunate in that the Natwest 2 yr fix is currently one of the best on the market.

It's crazy paying off the minimum on your credit cards. I'd suggest investigating borrowing more on your mortgage with Natwest.

FirstTimer4Me

meanmachine wrote: »

You're very fortunate in that the Natwest 2 yr fix is currently one of the best on the market.

Thats great news.

meanmachine wrote: »

It's crazy paying off the minimum on your credit cards. I'd suggest investigating borrowing more on your mortgage with Natwest.

I think I'm understanding what your saying, (Sorry if I sound stupid, financies are not my strong point)

So, at present outstanding Mortgage - £77,049:66, so I can increase my mortgage upto £90000?

I was thinking of accepting the following Nat West deal:

5.39 - Monthly Repayment = £511:00 - with £499:00 fee, the repayments do not include the £499:00 fee, if added to the mortgage.

If I added the £499:00 fee, and took my mortgage up to £90000 any idea what the repayments would be, and would this be the best option?

grey_lady

'It's crazy paying off the minimum on your credit cards'

So why not just add it to the mortgage? because over the longer term how much will it actually cost?

Furthermore over 80% of people who do this, still run up their credit cards and then get a secured loan and then end up with money worries on the debt advice place.

If your not one of the 80% then fair enough - but at least take a look at the longer term financial picture.

FirstTimer4Me

One other question I forgot to ask:

With the 5.39 rate, would this be the Nat West only offer at this rate, i.e. if I refused this rate and said I wanted to look elsewhere, would they have a lower rate or is the 5.39 the best I'm going to get?

Trust I have expressed that correctly

FirstTimer4Me

The above rates are based on a fixed 2 year deal, would I get a better rate if I went for a longer fixed term, i.e 3 or 5 years?

apk1

FirstTimer4Me, sounds like you seriously need to sit down with an independent broker, I know you are busy, we all are, but surely you can find an hour or so, I'm sure you can find a broker who will be flexible and see you afterwork maybe ? you could then save yourself potentially quite a large amount.

Sometimes you have to take a step back to look at the larger picture, what are you working for - presumably money like the rest of us ? so an hour or so now could save you the equivilant of several hours a month for the term of the mortgage?