2 Year Fixed Rate Mgage Up!

JUMAC

HI,

We took out our mgage on July 2003, it was a two year fixed rate through first national bank ...time is almost up, my circs have changed as Ive now paid off all my debt and the only money i owe now is for the mgage..Its is a joint mgage with my partner whose wage has also gone up .I think the mgage was based on a 25 year term ....

Will we be charged if the tow yeaer fixed rate is up by our current company?

What do i need to do the two years are up July 2005??

What normally are the fees etc when you get another mgage ??

Do you need to involve a solicitor ???

Can u just ask a high street lender ??

Are we leaving this too late to change to a new lender ??

Sorry !! any advice would be good ...we got an independant adviser last time but dont really want to pay again for this

Any advice would be appreciated ...

Regards

Jumac

:question: ???????

payless

There's a lot of questions there.( just about to go out- so sorry brief) .. in first instance you need to check whether you have any penalties connected to your current mortgage ( some deals have overhang penalties, that means they tie you in to higher rate or charge a penalty , even after the fixed period is up)

If so- whats the fee and follow on rate

The answer to this will impact on the rest of your questions

herbiesjp

As payless rightly says - find out if there is a penalty after the fixed rate is up. You can either look through the paperwork or call them and ask them to tell you what it would be.

Then armed with this information you could look around at a lot of "fee free" deals which pay a lot if not all of the fees for you.

MarkyMarkD

Herbies

I shouldn't consider a fee-free deal unless your mortgage is under £50k or £60k - that's normally around the break-even point. For larger mortgages it's normally more cost-effective to pay the fees and get a better rate.

herbiesjp

Marky

Agreed - but OP has not put any figures on the board. Also depends on the current circumstances of the OP as to whether they can pay the fees. Without any further detail one cannot say either way.

davepugh1981

My first point of call would be your current lender, tell them that you are not appy with your expected increase in payments, you know there are better rates in the market and you like to recieve a redemtion statement.

This should kick into force there retention strategy, compare whatthey offer to the best available, then deicde if you want to leave or move to another lender.

TTFN

Dave

payless

davepugh1981 wrote:

My first point of call would be your current lender, tell them that you are not appy with your expected increase in payments, you know there are better rates in the market and you like to recieve a redemtion statement.

This should kick into force there retention strategy, compare whatthey offer to the best available, then deicde if you want to leave or move to another lender.

TTFN

Dave

Yes - this is my standard recommended prodecure but don't expect too much in this case - as not dealing with a "mainstream lender"

that said - yes always worth a try