what mortgage next?

jode120385

Hi
Our 2 year fixed mortgage comes too an end in oct, we can put our new mortgage in place from June but have no idea what is the best to do. Would it be best to leave it as a non fixed mortgage and hope for the interest rates to stay low. And if we were to do this would this still allow us to convert to a fixed mortgage whenever we want or would we be contracted to this. Or would it be best to open up a new fixed mortgage right from the start. We are with santander if this is of any help.

Thank you

GMS

You will most likely go on to 4.74% with Santander.

How much do you owe? What is the property worth?

Have you asked Santander what they could offer you for a new product?

You would be free to move away from Santander once on the Standard Variable Rate. However any rates you see today may not be available when you decide to move.

jode120385

No we haven't taken any advise from santander the house is worth 100k and we owe 77k. If we were to move providers would we need to go through the process of showing wage slips etc... Because I'm currently on maternity leave so showing them wage slip with just maternity pay on wouldn't get me very far. Thanks

GMS

A new provider would mean a new application so all usual credit and income checks etc.

If you are returning to work you could look for a lender who would take the income from when you return subject to confirmation from employer.

Are you the only earner?

Santander should not require any further checks for a product change.

jode120385

No my husband works too. If we were to change would you recommend going onto a fixed mortgage again. Thanks

addyboy1982

Santander do some decent offers when you're coming off fixed. They offered me 3.49% fixed for 2 years when I came off last October but I didn't bother and went onto SVR as thinking of moving soon and needed flexibility.

March this year I got a letter through saying they were offering 2.99% fixed for existing customers - hang in there and see what they offer you.

GMS

jode120385 wrote: »

No my husband works too. If we were to change would you recommend going onto a fixed mortgage again. Thanks

Choice is down to you. If you prefer to know what you will be paying for a chosen period then look at fixed.

See what Santander can offer then compare options from there. A broker may be of use to you. Ask them to come up with something and see how it compares to Santander.