Help with remortgaging

trukchik

Hi, i need to remortgage, but i havent a clue how My current mortgage is with my bank for 65,000, but i estimate i need 80,000. My property is valued at approx 130,000. Where do i start, who do i trust, and a million other Q's pop to mind, please can you help/advise me. :huh: Thanx

dwsjarcmcd

Start by thinking about what you want from a mortgage i.e. do you want the payments fixed and if so, for how long or do you think interest rates have peaked and want to benefit from any future reductions in interest rate, if that is the case then go for a loan that tracks the Bank of England base rate.

Once you have decided what type of mortgage, lets say for the sake of argument you want a fixed rate that is fixed for 5 years, then you narrow it down further by considering
1. What are the fees?
2. If there are no fees, what is the difference in interest rates between those that do and those that don't
3. What are the redemption charges if I leave the deal early?
4. Is the mortgage portable i.e. if I move house can I take the mortgage with me
5. Does it allow me to overpay so I can reduce the term of my mortgage

Once you have considered the basic type of mortgage is best for you and the features that are important to you, you have 2 choices
- Research the market using the various mortgage comparison sites and organise it yourself or
- Use the services of a broker to research the market, recommend a product and arrange it for you. Even here, I think it's important that you have an idea of the type of product you want before seeing a broker

HTH, David

herbiesjp

And don't forget to go to your current lender first to see what they can offer, to then compare against the rest of the market

HTH

dwsjarcmcd

herbiesjp wrote: »

And don't forget to go to your current lender first to see what they can offer, to then compare against the rest of the market

HTH

Oops herbie forgot that one!!

herbiesjp

No worries :T