Remortgaging Shock

vclark1

Our 5.19% fixed rate is up in september 2007 and I have just been to YBS and they said that their new fixed rate if 6.64% an increase of £70 pmnth for £70000. YBS has always been competetive with their fixed rate, for instance my other half of this mortgage - £70000 was renewed in NOvember on 4.79%. I know that their have been rises in the intrest rate but this seems overly so. As a lot of others have them in the 5% bracket. I think that since they have announced £0 fees, they have put up their fixed rate deals in order to claw back the money!! Can I have half my mortgage with one provider and half with another? :mad:

Noz

vclark1 wrote: »

Can I have half my mortgage with one provider and half with another? :mad:

No, only one lender can have the first charge on the property.

vclark1

In that case i'm stuck between a rock and a hard place. I stay with ybs for 6.64% at £70.00 extra a month for the next 2 years. or i move the other 70,000 that have a 3% charge for leaving at a cost of £2100 and other fees for opening a new account with a different provider. Sounds like i'm stuck with YBS!!! As it's costing me over two years £1680 extra to stay.
:mad:

ctabuk

Hi, if you find a local Whole of Market Broker - they could produce a KFI (Key Facts Info) and who knows there maybe a better deal around.

luckyfool

vclark1 wrote: »

In that case i'm stuck between a rock and a hard place. I stay with ybs for 6.64% at £70.00 extra a month for the next 2 years. or i move the other 70,000 that have a 3% charge for leaving at a cost of £2100 and other fees for opening a new account with a different provider. Sounds like i'm stuck with YBS!!! As it's costing me over two years £1680 extra to stay.
:mad:

It's a mess having the mortgage split in two as you have. Are you tied in until November 08 or 09 on the other portion? It might be worth considering whether they will offer any other alternate deals with no tie ins for this portion coming up in September, then when the other fixed rate runs out you will have the flexibility to switch the whole lot onto another deal with YBS, or move everything to another lender without feeling held to ransom as you do just now.

vclark1

It is actually split into 4 parts - 2 run out 30th sept 07 - 1 runs out 30th sept 2008 (£60500ish) and the other (£9500) runs out may 2011. Not wholey concerned about the last as it is pennies to leave before the end of the term.

Maybe that would be a better option, although my mortgage adviser at YBS did say that it is possible that their may be another rise in November and again in early 2008. I do like to know what I am paying!!!

luckyfool

I personally don't see another two base rate rises being on the cards. Maybe another 0.25%, but who knows?

Kez100

Must cost a bomb in remortgage fees.

A_Nice_Englishman

vclark1 wrote: »

Maybe that would be a better option, although my mortgage adviser at YBS did say that it is possible that their may be another rise in November and again in early 2008. I do like to know what I am paying!!!

Why is he wasting his time selling mortgages? With his knowledge of future interest rates he could make millions in the financial market.

He cannot possibly know - even the Bank of England committee that decides interest rates doesn't know yet - and I feel he was being unprofessional in making such remarks.