Changing mortgage provider

Spewy87

Hi All,


Total muppet question for you clever types?


I have had my mortgage with the same company for 20 years so not sure how to go about getting the best advice.
I did buy a bigger house last year and had to take on a new mortgage for 12 years, I have been paying extra into this to bring the term down and I think it would be paid off in approx. 7.5 years now if I kept making the same payments.


I want to make sure I am not being lazy by sticking with the same provider and its costing me?

kingstreet

Ask your current lender if you have any customer retention options.

Look at other lenders' remortgage products. Many have free valuation and legal costs covered, so you could choose a product with or without an arrangement fee, based on which would suit you best.

Be careful that you don't have an early repayment penalty on your current mortgage which would apply in either of the circumstances above.

Thrugelmir

What mortgage product(s) do you currently have ?

What's the balance owing ?

Spewy87

Thrugelmir wrote: »

What mortgage product(s) do you currently have ?

What's the balance owing ?

Repayment mortgage £120k over 12 years started in March 2012, not sure the outstanding balance just now, but have been paying approx £300 extra per month for the last year plus a £2k lump sum.
I also have 10k ready to lump into bringing the term down.

dimbo61

We really need to know the DEAL you are on Interest rate? Fixed or tracker, Offset etc.

Spewy87

dimbo61 wrote: »

We really need to know the DEAL you are on Interest rate? Fixed or tracker, Offset etc.

I was on a fixed rate until November. That is now finished, which is why I am looking for the best deal.

OneEngland

It really depends on your personal circumstances. Looking for a new fixed rate may save you in the long run but you would have to factor in the costs of fixing with your current lender or another. How long do you plan to stay where your are?? Are you concerned about future rate rises?? Are your personal circumstances likely to change in the future??

Fixed rates are the most popular at the moment as the assumption is rates will rise, just no one knows when and educated guesses are only as good as the 'guessor'.
A broker would be able to sit down with you, get a good understanding of your preferences and make a recommendation to suit.