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Is my new 3.99% high as a mortgage rate?
LiveOnce
Posts: 476 Forumite
Hi all,
Is 3.99% considered high as a mortgage interest rate?
I was on a fixed rate but now it will be changing to this.
How do I go about getting a lower mortgage rate?
Is 3.99% considered high as a mortgage interest rate?
I was on a fixed rate but now it will be changing to this.
How do I go about getting a lower mortgage rate?
0
Comments
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Ask your lender for one.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Depends on your LTV. Chances are in this current market you can go onto a better dealMortgage co-ordinator for a building society
I carry out affordability assessments for new and existing customers.
I update customers during the application when they call, letting them know where things are at.
I also answer existing mortgage queries.0 -
Hi,
thanks for the replies. Can you tell me how can I go about getting a lower one from my lender?
Is it better to shop around?
How easy is it to transfer mortgage from one provider to another? Is it costly?0 -
With your current lender, call them up and say I want to go into a better rate when my current one ends.
You may have to receive advice from an in-house mortgage advisor, or they may allow you to choose your product on an execution only (meaning you will not receive advice, and if it turns out to be the wrong choice, the lender accepts no responsibility)
Remortgaging doesn't have to be costly. With the lender I work for it could cost as little as £8!!
Example below - dependant on how it's all set up.
No booking fee (currently don't charge)
Product with no arrangement fee
Valuation fee is included.
Solicitors fee is included as incentive (this will cover basic searches and other work, however if your case requires any additional work there will be extra charges)
£8 is the money transfer fee from lender to solicitor. ( if you remortgage with extra borrowing, solicitor may charge extra to transfer from themselves to you)
Hope this helpsMortgage co-ordinator for a building society
I carry out affordability assessments for new and existing customers.
I update customers during the application when they call, letting them know where things are at.
I also answer existing mortgage queries.0 -
You should research customer retention options with your current lender and remortgage options with new ones.
Compare what is available to you and see which makes the most sense.
Many lenders offer completely fee-free remortgage products, but the size of your mortgage may mean paying a fee gets you a better overall deal and saves you money over a longer-term.
An independent broker can do this for you if you do not feel confident addressing it yourself. Ask friends and relatives for a recommendation.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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