Remortgage question

LAM2011

hi,

My current deal is due to expire at the end of Jan 2017 - do you have to remortgage - how do I find out what my interest rate would be if I dont remortgage? I tried calling the lender who answered me by saying make an appointment to come in and discuss. I may sell early next year although havent made up my mind as yet.

sammyjammy

You will need to chekc out yourp aperwork, it will tell you what rate you will go onto after your fixed rate ends. It will probably be your lenders standard variable rate which you can find out from their website or it will be BBR + x% which is the base rate of 0.5% plus whatever it says.

If you are thinking of selling beware of remortgaging for another fixed term, it may cost you money if you choose to sell earlier than the rate ends.

Saying that its worth looking at what deals your lender offers to existing borrowers, they don't usually credit check or charge if you are just swapping products.

kingstreet

Your options;-

roll on to your follow-on rate, whatever that is

ask your lender for a customer retention product (many lenders offer such products free of further checks online - check yours)

remortgage to a new lender (you will have similar checks to those done on a house purchase).

muhandis

Do you have to remortgage - No. You could let it lapse to the standard rate or you could do a product switch to another mortgage product with the same lender.

how do I find out what my interest rate would be if I dont remortgage - It is most likely your lender's fallback rate usually called the SVR (standard variable rate). Nationwide's SVR (they call it SMR) is currently 3.74% for instance for mortgages taken out in the recent past. Who's the lender and when did you first take out your mortgage?

LAM2011 wrote: »

hi,
My current deal is due to expire at the end of Jan 2017 - do you have to remortgage - how do I find out what my interest rate would be if I dont remortgage? I tried calling the lender who answered me by saying make an appointment to come in and discuss. I may sell early next year although havent made up my mind as yet.

LAM2011

Thanks for the replies. My mother currently lives in the house and I live with my bf. May move mum closer and sell or change it to BTL. I will have to look for paperwork but I am on a high rate of 5.24 so dont really want to remortgage if I am going to change the circumstances.

Lender is Bank of Scotland at the time (it was previous remortgage) my LTV was not good which is why I think I got a high rate. Since paying off all my debt I have been making small overpayments on the mortgage.

anna42hmr

LAM2011 wrote: »

Thanks for the replies. My mother currently lives in the house and I live with my bf. May move mum closer and sell or change it to BTL. I will have to look for paperwork but I am on a high rate of 5.24 so dont really want to remortgage if I am going to change the circumstances.

Lender is Bank of Scotland at the time (it was previous remortgage) my LTV was not good which is why I think I got a high rate. Since paying off all my debt I have been making small overpayments on the mortgage.

If it is a bos mortgage you may want to have a look at this part of their site for more info ,http://www.bosmortgages.co.uk and http://www.bosmortgages.co.uk/pdf/product-range-and-current-rates.pdf

Thrugelmir

LAM2011 wrote: »

Since paying off all my debt I have been making small overpayments on the mortgage.

Is your mortgage interest only or repayment?

LAM2011

Repayment.