Remortgaging

luke222010

Hi all,
Hoping someone can answer my queries with regards to remortgaging if poss, please...

1) Are all available mortgages online/on comparison sites, or are some products only available in store/over the phone?

2) Our fixed term mortgage ends on 28th this month and if we switch before that date we are liable for 1% early repayment charge, but we want to start the process of remortgaging now. We've found a couple of decent 5 and 10 year fixed term deals with the West Brom & Norwich and Peterborough. Can we engage with a new lender now, and ask the new lender to aim for completion on 28th, without incurring an early repayment charge from the existing lender?

3) Opinions on 5 & 10 year fixed mortgages... now the rates are the lowest they'll be with some predictions that they'll begin to rise this year, what are peoples views on the length of fixed deals? Would you opt for a 5 year or a 10 year fixed? Or would you go for a 2/3 year fixed? Reasons why would be appreciated also.

Cheers,
L.

Thrugelmir

1. Not all rates are on comparison sites

2. Yes you can.

3. What are your long term plans. 10 years is a long time to fix. Rates will only move upwards when no one knows. So fixing is very much a personal choice.

luke222010

Thanks for the reply.

Is the only way to find other rates (not on comparison sites), by contacting all banks possible? Or would it be worth getting in touch with a financial advisor instead to hunt out the deals? If a financial advisor is worth it, how much would you guess we'd be looking at by remortgaging via one?

We are due to get married next year. Just moved into a home where we have had to pay for conservatory to be replaced, as well as the bathroom, the latter of which we hadn't accounted for having to replace, but savings were in place to do so.
After marriage next year we were hoping to try for a baby in 2017. So although all that falls within a potential 5 year fixed rate, we kind of like the idea of a 10 year fixed knowing that my partner will be looking after a child for a year or possibly two if we can afford it.

I've not ruled out a 5 year fixed, but was considering a 10 year fixed based on our plans for a family/marriage etc.
Just keen to hear others opinions, in case i've missed any other potential types of mortgages that may be beneficially applicable to our situation.

Morgage_Confused

Use a few different comparison sites. For some reason not all sites list all mortgages.

https://compare.moneyadviceservice.org.uk/mortgages/Step1

www.google.co.uk/compare/mortgage

http://www.money.co.uk/mortgages.htm

luke222010

Any thoughts on this mortgage?

http://www.westbrom.co.uk/mortgage-category/remortgage/5-year-fixed-rate-mortgage-75-ltv-14120

Seems a decent 5 yr fixed deal with low fees and a decent rate as well as £300 cashback and the ability to overpay up to £1000 per month.

Anybody with any experience of dealing with West Brom Building Society?

amnblog

Morgage_Confused wrote: »

For some reason not all sites list all mortgages.

No pay - No display - is the reason

amnblog

Newlyweds should not be locking themselves into 10 year fixed rate products Luke.


Nor should they be making a first purchase without advice from a suitably qualified independent mortgage broker.

luke222010

amnblog wrote: »

Newlyweds should not be locking themselves into 10 year fixed rate products Luke.


Nor should they be making a first purchase without advice from a suitably qualified independent mortgage broker.

Appreciate the advice!

Not sure if you've not read all my original post, or if i've misunderstood you, but this isn't our first purchase...
This is our second home, but we are coming to the end of our fixed rate mortgage. We want to re-fix due to the fact we are getting married next year, and plan to start a family in 2017, so we were looking at mid to long term fixed rates so we know where we stand budget wise for the medium to long term future.

A 10 year fixed rate is not the norm i'm fully aware, hence why I was wondering what peoples opinions on it were.

At the moment we are leaning towards the West Brom 5 year fixed rate as mentioned in my previous post, as this seems to have lower fees, whilst maintaining a decent fixed rate in comparison with some of the other top products that I can see.

busybe

tesco bank are doing a 5 year fix at 2.79% with free legals & valuation and only £195 fees for 75% LTV.
you also earn clubcard points on your mortgage payments - 1 point for every £4.

luke222010

busybe wrote: »

tesco bank are doing a 5 year fix at 2.79% with free legals & valuation and only £195 fees for 75% LTV.
you also earn clubcard points on your mortgage payments - 1 point for every £4.

Great spot, thanks! Any idea what the process for applying online is?
Once you've completed the application, do you then need to spend an hour or so on the phone to them going through the mortgage assessment criteria that is now in place?