Urgent Mortgage advice needed PLS!

mortgagelurker

HelpWhereIcan wrote: »

That's the one.

They do not shout about their retention policy as loudly as the Halifax but they have one. Problem at the mo is that the rates are not fantastically competitive (6.49% 2 yr fix with 199 arrangement fee or 6.39 5 year fixed with no fee) but the advantage is that there are no legal/valuation fees to pay and that they will just do the transfer without looking for proof of income as long as it is like for like (not borrowing any more).

At least it is a worst case scenario for you and while they may improve over the next year, at least the rates are better than their standard variable rate.

As has been said, have a word with an adviser - but i would suggest a mortgage specialist rather than a 'Jack of all Trades' who's firt instinct may be to self cert your income. You can always see an IFA about any investments/pension etc you have seperately, lots of IFA and Mortgage Adviser firms are cross referring now as both markets become more diverse

Hope this helps and Best wishes

jinx - you can't speak now till someone says your name ha ha

Thank You for that info.

As I posted before, TMB have already confirmed the above, although they told me to ring back only once the current fixed-rate is near expiring.

I don't understand one thing though...how is it that on a 2yr fixed rate, you get a higher interest rate, but on a 5yr fixed rate its lower? I thought its usually the other way round?

inch_high

Because in say 2, the interest rates are likely to be lower than they are now, but if you choose the 5yr rate for a lower fee, you're locked in for 5yrs (unless you pay the early repayment charge), so in say 2009, you'd still be on 6.39 while you could have had the 6.49 for two years and then have a new rate in 2009, which could be a lot lower by then.

mortgagelurker

with property prices at an all-time high, its very unlikely that interest rates dropping lower in the next 3-5yrs, although i could be wrong.