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Options at end of mortgage deal?
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[Deleted User]
Posts: 2,175 Forumite
So... I'm new to this mortgage thing - can someone tell me if I'm right that these are my options when my fixed term deal ends in a few months...?
1) Stay with current building society, do nothing, and end up on their Standard Variable Rate (which costs lots and would be a bit stupid)
2) Stay with current building society, switch to one of their newer deals and fix the rate for another few years - I'm guessing this wouldn't require a new credit check, and wouldn't attract any arrangement fees? (But in this option, would any fees apply? Or would i just transition onto the new rate without paying any costs?)
3) Shop around and switch to a different lender, but this would require a credit check and the paying of fees?
And are there any other options? Or have I got the completely wrong end of the stick here?
1) Stay with current building society, do nothing, and end up on their Standard Variable Rate (which costs lots and would be a bit stupid)
2) Stay with current building society, switch to one of their newer deals and fix the rate for another few years - I'm guessing this wouldn't require a new credit check, and wouldn't attract any arrangement fees? (But in this option, would any fees apply? Or would i just transition onto the new rate without paying any costs?)
3) Shop around and switch to a different lender, but this would require a credit check and the paying of fees?
And are there any other options? Or have I got the completely wrong end of the stick here?
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Comments
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billbennett wrote: »1) Stay with current building society, do nothing, and end up on their Standard Variable Rate (which costs lots and would be a bit stupid) Depends on their SVR and your current fixed rate. Any plans for the very near future to sell?
2) Stay with current building society, switch to one of their newer deals and fix the rate for another few years - I'm guessing this wouldn't require a new credit check, and wouldn't attract any arrangement fees? (But in this option, would any fees apply? Or would i just transition onto the new rate without paying any costs?) May require a new credit check but normally fee free and free legals
3) Shop around and switch to a different lender, but this would require a credit check and the paying of fees? Yes and yes, but you could get a fee free deal, but factor in legal costs, you need to look at the overall cost to switch lenders.
Hope that helps!"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
Which lender credit checks an existing borrower requesting a customer retention product?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »Which lender credit checks an existing borrower requesting a customer retention product?
Mine did. With Halifax."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0 -
New one on me.
They are checking affordability again if you choose the advised route, but no mention from our BDM of further credit checks on product transfers with no increased borrowing.
I'll have a word.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Might of been them putting me on the new system from the old system then."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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