When to start the ball rolling.....

barnishroader

Hi,

My current fixed rate deal, Nationwide 4.39%, runs out at the end of November 2007.

When should i start to look for new deals for remortgaging, ie when should i first visit a broker?
Or when should i call Nationwide to see what they will offer as a new deal?

I understand that if i change from Nationwide before the end date, i will have to pay an early repayment fee but i don't want to leave it too late that i am continuing to pay the Nationwide when their rate increases.
Also i don't want to waste a brokers time by going too early.

Also does anyone have any advice on mortgages/brokers in N. Ireland?
A lot of the deals i seem to find on comparison sites are from groups who do not deal with N. Ireland.

Thanks in advance for any help offered.

andrewbrydon

Hi

Call your existing lender,they offer good retention deals with £100 off their admin fee. Then ring a broker.

Good Luck

KTF

Nationwide retention deals are available on their website.

http://www.nationwide.co.uk/mortgage/existingcustomers/intro.htm?source=nationwide&campaign=tab_mortgage&execution=new_deal_info

You can change to a new deal 3 months before the end date with no penalty fees or you can reserve a rate now and have it start when your existing deal finishes.

barnishroader

so that means i have a month yet before i can start.
will get all my information gathered up in preparation now and hopefully the rates don't go up even more between now and my new term, although they probably bloody will!!

i am in 2 minds on whther to go for a fixed rate again as although the rates have been climbing over the last year, they are bound to go down at some stage and it will be a large enough payment at current rates compared with what i am paying with the 4.39 rate at the minute.

would be sooooo !!!!ed off if i got it fixed only for rates to go below my fixed rate.

KTF

You have to weigh up the risks. If the rates go above the fixed then drop down towards the end of the term and you are on a tracker you might end up paying more overall than the fixed anyway.

Its also how much 'risk' you want to take or whether you like the security of having the same amount going out each month.

Mt 2 year fix with the Nationwide comes to an end in October (how annoying when I could have fixed for sub 5% for 5 years but isnt hindsight great!) and I went for another 5 year fix (5.79%) with the Halifax this time as I like knowing what I will pay and even if rates drop I cant see them heading down as far as they were 3-4 years ago.

I could have gone for a tracker but they are very similar to the fix I got at the moment so if the rates rise again I will be worse off until they drop below the fixed rate (if they do at all).

barnishroader

KTF wrote: »

You have to weigh up the risks. If the rates go above the fixed then drop down towards the end of the term and you are on a tracker you might end up paying more overall than the fixed anyway.

Its also how much 'risk' you want to take or whether you like the security of having the same amount going out each month.

Mt 2 year fix with the Nationwide comes to an end in October (how annoying when I could have fixed for sub 5% for 5 years but isnt hindsight great!) and I went for another 5 year fix (5.79%) with the Halifax this time as I like knowing what I will pay and even if rates drop I cant see them heading down as far as they were 3-4 years ago.

I could have gone for a tracker but they are very similar to the fix I got at the moment so if the rates rise again I will be worse off until they drop below the fixed rate (if they do at all).

yeah i agree, i prefer to know what the cost will be each month rather than it fluctuating.

might have a look at that halifax one as nationwides fixed rates seem to be 6%+.

KTF

The Halifax one was pulled a few weeks ago. The replacement 5 year fix is 6.19% /£599 fee now so the Nationwide one may be a better deal but I would still go and see an advisor in case there are other deals out there.