remortgage question

gards88

hi there, first time remortgaging soon, just a few questions if anyone would be kind enough to answer :

* with my current fixed deal coming to an end, i was wondering what I've payed so far (2 years in to my £130,000 mortgage)is it just the interest I've been paying (i know it is if i stay with the same deal). or will it come off the £130,000 i owe?

* so would it be the £130,000 minus the 2 years or would i be lending another £130,000?

(i was looking to either switch products (I'm with santander) or remortgage with another lender)
thanks in advance.:j

controversy

gards88 wrote: »

hi there, first time remortgaging soon, just a few questions if anyone would be kind enough to answer :

* with my current fixed deal coming to an end, i was wondering what I've payed so far (2 years in to my £130,000 mortgage)is it just the interest I've been paying (i know it is if i stay with the same deal). or will it come off the £130,000 i owe?

* so would it be the £130,000 minus the 2 years or would i be lending another £130,000?

(i was looking to either switch products (I'm with santander) or remortgage with another lender)
thanks in advance.:j

Depends if its a interest based or repayment based.

gards88

thanks for the quick reply its a repayment mortgage not a interest only remortgage (sorry should of specified this):beer:

Thrugelmir

You should have received an annual statement from your lender. This will detail the transactions on your mortgage account. Suggest you chase them up if you haven't received one.

getmore4less

gards88 wrote: »

hi there, first time remortgaging soon, just a few questions if anyone would be kind enough to answer :

* with my current fixed deal coming to an end, i was wondering what I've payed so far (2 years in to my £130,000 mortgage)is it just the interest I've been paying (i know it is if i stay with the same deal). or will it come off the £130,000 i owe?

* so would it be the £130,000 minus the 2 years or would i be lending another £130,000?

(i was looking to either switch products (I'm with santander) or remortgage with another lender)
thanks in advance.:j

That's not what happens.

On repayment you will have been paying back some capital how much depends on the size of the payment.

Khrisjun

If you have a Santander current account you can view your mortgage balance online - Otherwise they should have sent you annual statements.

In the early years you wont pay off much of your capital,as an example if youve had a £130k mortgage for 2 years on 4% on a 25 year term you have probably paid of ~7k leaving you with 123k to remortgage or switch products for.

michellep45

My santander mortgage has just come to its end of 2yr fixed... Be aware that they told me on the day so therefore didn't give alot of time to sort out new one so have gone to standard rate which is £120.00 more per month... To sort out another mortgage with another bank will take 5/6 weeks... There may also b an exit charge... I found alot of better deals but have torbay up any fees that may b with them as well