Idiot question

Frankie_Upton

Hi i'm coming to the end of my 3 year fixed term on my first mortgage.

If I look to remortgage at this point there would not usually be any penalty clauses would there ?

ie everything that returns to early repayments fee son applies to the fixed portion of the mortgage not the whole 28 yaers?

Wh05apk

No such thing as an idiot question (although there are quite a few idiot answers on here!)

You are correct at the end of your 3 years your penalty ends, I would suggest looking to remortgage 6-8 weeks in advance of the penalty end date, don't forget to check your existing lender, some of them have good deals,

John1993_2

I'd phrase it a bit different to the previous post. I'd not aim to remortgage 8 weeks befoore the fix ends, as stated (as this will result in charges), I'd rather start looking about 8 weeks before, with the intention or remortgaging just after the fix ends.

Frankie_Upton

thank you.

It as I thought, I just worry about stuff.

I'm with the Britannia at the moment and am wanting to look at Nationwide as well, anyone else worth looking at for mortgages around 80% LTV?

crazygoog

I'm in a similar position to you. Mine has ended a few months ago so been on SVR for a while now just waiting for the right time to jump into a deal. I may be wrong in saying this so don't quote me on it; I believe most banks and building societies charge a martgage exit fee. My bank charges £195 exit fee and only just discovered this as learning about mortgages all the time. It's worth checking just so you don't get a surprise further down the line.

FWIW i'm currently looking into a 5 year fix, but liaising with my mortgage advisor to see the best avenue to go down.