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What to Do Next
Lady_Greenfingers
Posts: 7 Forumite
Hi,
Would appreciate any advice as I am really worried about what to do next. My 5 yr fixed rate mortgage with Britannia ends next month and they say the new rate will be 4.74%(variable). Balance is about £20,000 with 4 yrs left, so I don't know if I can remortgage with another lender for this amount - or if it is worth it. Problem is I need to really reduce my payments as I was out of work for 18 months and have now taken a really low-paid job. I live alone and am 61 so can't afford to risk rates rising much higher and 4.74 seems high to me anyway. Would be looking at low fee/free legals options if possible.
Would really appreciate any input. Thanks.:)
Would appreciate any advice as I am really worried about what to do next. My 5 yr fixed rate mortgage with Britannia ends next month and they say the new rate will be 4.74%(variable). Balance is about £20,000 with 4 yrs left, so I don't know if I can remortgage with another lender for this amount - or if it is worth it. Problem is I need to really reduce my payments as I was out of work for 18 months and have now taken a really low-paid job. I live alone and am 61 so can't afford to risk rates rising much higher and 4.74 seems high to me anyway. Would be looking at low fee/free legals options if possible.
Would really appreciate any input. Thanks.:)
0
Comments
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Have you checked for other options with Brittania?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I was thinking about doing that tomorrow as I have been a Brit customer for 8 years. It would certainly be less hassle if I could stay with them. When my first fixed rate ended with them though, they offered me another fixed option without me asking, so I sort of assumed there wasn't much chance.0
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Britannia have a 3 year fix at 2.75% for existing customers with LTV below 60% with no fees.
Cost would be £440.48 a month which is less than the £458.23 you would pay at 4.74% SVR and fixed for 3 years.
At the end of 3 years you would owe £5207.86p approx!
You will not get less than that anywhere else due to remortgage costs.0 -
This is a fixed rate deal until the 30-04-2017 so give them a call in the morning and ask for your outstanding balance on 0800 915 0517.
You could use " whatsthecost" to work out your exact cost each month once you know the outstanding balance.
Tell them Dimbo sent you !!!0 -
To be honest, with only 4 years remaining, your monthly repayment will be relatively insulated against the effects of rate rises (because a high proportion of each of your monthly repayments is capital rather than interest). You are still exposed to rates, but don't get carried away with the thought of fixing at any cost - especially for any products with fees attached.0
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2.75% fixed for 3 years with NO FEES
Come on guys !!!
The poster will not get a better deal.0
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