coming to end of fixed deal

adamcarvell

hi our fixed rate deal finishes end of march we are on 4.69% with santander. they sent letter out saying got some deals no arragmement fees etc. my wages get paid into coventry building society the wifes lloyds bank we have joint a/c with nationwide. our house is worth approx £170000 our mortgage is £72000. we have 16 years left would like to take the years down a little and pay a little bit less too on a five year fixed. is it easy just to ring santander up and stay with same lender or switch lenders and get a better deal?.

lee111s

Normally retention offers from your current lender are poor.

What's your interest rate at the moment?

The best thing to do in terms of reducing the length of the mortgage is switch to a better deal but keep the payments the same as they are now. Be wary of fee's though when switching lender.

adamcarvell

4.69% santander website have 2.99% fixed for five years.

lee111s

Then it would be beneficial to switch by the looks of it. Nust watch out for the fee's and factor them into the cost but ot certianly looks like you'll be able to take a number of years off your mortgage term with those figures if you were to keep payments the same on the new lower interest rate. Give them a call and see what they can do for you

adamcarvell

going to call them tomorrow ive had a quick look at nationwide coventry building society etc there rates all seem simliar to santander tbh.

adamcarvell

rang Santander offered 3.29% five year fixed reducing term to 14 years
£100 transfer [EMAIL="fee.@£534.59"]fee. @ £534.59[/EMAIL] a month
or 3.09 five year fixed reducing the term to 14 years £899 fee
@ £533.55 a month.
outstanding balance £71790.99

adamcarvell

is it worth looking else where or wait I have till 1st April they said rate only for today might be different tomorrow I rushed it last time 4 years ago oh btw were on 4.79% at the moment.

Hughesy84

adamcarvell wrote: »

is it worth looking else where or wait I have till 1st April they said rate only for today might be different tomorrow I rushed it last time 4 years ago oh btw were on 4.79% at the moment.

Yorkshire offer 2.84% fixed over 5 years

http://moneyfacts.co.uk/mortgages/fixed-rate-mortgages/

stolt

ive been looking at the yorkshire deal too. Looks good,

adamcarvell

do the rates change on a daily basis as told by a santander representative or was it a sales pitch to gt me to sign up there and then ?.

lee111s

I wouldn't say on a daily basis but they do seem to change quite regular.