Mortgage fix ending. Options?

MPD

I have a 5 year fix with Britannia which is due to end in August so I'm thinking about my options.

The balance outstanding will be approx £105,000 with a property value of approx £220,000. Looking for a term of 15 years

Both myself and OH earn approx £21,000. I am currently on an 18 month fixed term contract, OH is permanent.

I am looking for another 5 year fix and am currently looking at switching to another deal with Britannia at 2.84% on an execution basis to avoid any potential issues with affordability.

My questions are

1. Any chance of getting a better deal elsewhere? Not wanting to pay fees wherever possible. I have the money to do so but a quick calculation (on Britannia deals) shows it is at best cost neutral and I'd rather have the money as an emergency fund.

2. When do I need to contact Britannia to get the new deal to start on 1st Sep?

Any comments from others who have switched deals with Britannia also welcome.

pjread

I moved from Britannia earlier this year; I believe they said they'd talk about rates and potentially move 3m before end of term. If that's right, Monday might work for you!

I did chop over half percent more off vs Britannia by moving lender though, probably wouldn't hurt to run the numbers.

MPD

Anyone with some thoughts on whether it would be possible to apply elsewhere when I'm on a fixed term contract?

dimbo61

You may need to talk to a mortgage broker.
You have 50%LTV which is good.
There are a couple of 5 year fixed rate mortgages which are cheaper BUT you have to take into account the "whole cost of moving lenders"
2.84% is a good deal and easy to sort out