coming up to renewal of mortgage help don't know where to start!

deb788

We have a mortgage with santander when taken out it was 150000 at 4.99% coming up for renewal and I literally don't know where to start. Do we contact santander first to see what they can offer ? How does it work ?

amnblog

Get a mortgage broker to handle it for you.

Why try to do something you don't know how to do.

Thrugelmir

Mortgages aren't renewed as such. By default you'll move onto the SVR as detailed by your existing product. So you'll need to find out what this.

Ring Santander to establish your options.

Then you'll have facts with to make comparisons with.

Remortgaging to another lender can involve significant costs so everything needs to be costed up and thought through.

Yorkie1

You can get a decent idea of what might be available as a product transfer with Santander through the website, I imagine.

Work out what the loan to value (LTV is) by getting the amount outstanding on the mortgage, dividing it by the value of the house (don't be unrealistic) and x by 100. This gives you the LTV %.

Then look on the website for existing customer products (not remortgages - these are when you switch lenders). Match the LTV banding and decide how long you want any fixed or tracker period to last.

Finally, don't assume that the lower interest rates are always the best overall - the fees charged can make a big impact on the overall cost, particularly if your mortgage isn't too big.