Fixed rate period set to end

MrCo

at the end of the October. I have been in my property for two years and im up in Glasgow but im thinking of possibly moving to the North West of England sometime next year.

Ideally i would like to get another fixed rate mortgage, as i like to know exactly how much will be going out of my account each month to allow me to budget correctly. Is it possible to get these without the penalty clause for making early repayments should i decide to move ?

Thanks,
MrCo

MissScarlett_3

UKremortgageBroker wrote: »

I think you should get a 5-year capped rate with a portability option to take the mortgage to another property.

You like your capped rates don't you LOL!!

MortgageMamma

UKremortgageBroker wrote: »

I think you should get a 5-year capped rate with a portability option to take the mortgage to another property.

I think although portability has its uses I wouldnt recommend it in this instances. Perhaps a fixed rate mortgage which has no early repayment charges would be more suitable for the OP, as that way if it wouldnt port to the new property due to not meeting the lenders criteria, the mortgage could be easily redeemed and a new mortgage taken out.

I can see you are new to the site and judging by the number of posts you have done you are rather enthused by all these people needing help, but you would be of more benefit to them if you actually knew what you were doing.

MM

danm

UKremortgageBroker wrote: »

It makes sense.

You limit your ups and it will allow your payments to go down as interest rates reduce.

It's a no brainer!

proc fees must be higher on cap's. thats why it a no brainer!!

People look to this site for reasoned advise and may act on what people say. keep this in mind before you advise things which are not correct.

MortgageMamma

No difference on proc fees on capped rates than any other type of product - naturally different lenders pay different amounts but there are less than 10 players in the capped rate market at the moment and the proc fees are all broadly similar. However in this circumstance unless the OP can find a proc fee with no early repayment charges its not suitable in my professional opinion

bewildergirl

UKremortgageBroker wrote: »

I think you should get a 5-year capped rate with a portability option to take the mortgage to another property.

I just organised a remortgage following some advice from a financial advisor friend after my 2yr capped rate deal ended.

I called my current provider first to see what they could offer me and they offered 7.05%, they sent out the info but in the meantime I'd chatted with my friend. He found me a a couple of good deals, so I simply phoned up and found out about it. It's fixed for 5 yrs, with portability(though I have no plans to move), at 6.40%, and at the end of the fixed term they offer all customers all deals. I asked my current lender if they could match it or offer em any better than 7.05% and they said no. So I am going with Coventry BS now on a repayment mortgage. Also they are only charging a £35 admin fee, no legals, no extra hidden charges. Just that. I'll be saving between £30 and £40 a month with my new deal.

I should get the paperwork tomorrow and I am a very happy bunny now.
That deal my not be what you are after but I saw good deals with Coventry and with Bank of Scotland - Halifax too.