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90k remortgage... what to do ;0(
Chivalry
Posts: 24 Forumite
Hi.. i know its probably the most asked question but im so unsure whats the best choice for me and i just dont trust the advisors (how can anyone making commision on a mortgage they sell you be impartial?)
thing is my circumstances are changing.... just come to the end of a 3 year fixed variable and am now looking for something to replace....... my current lender has offerd me a 6.03 fixed for 10 years,,,, with a minimal £250 arragement fee , but were due our first child in 6 months and i have no idea how thats going to impact our finances ;0(
So do i go with a long term fixed rate ? i see woolwich are offering an even lower % at around 5.5% fixed for 10 years but with £750 more arrangement fee.... which works out cheaper in the long term....
Or do i go with a 2 or 3 year deal and see what the market is like in 3 years? i know nothing about how intrest rates wotk but i would be suprised to see them drop lower than the 5.5 the woolwich are offering atm any time soon???
Although my biggest worry is if our finances go a bit iffy due to the new addition... and i cant get a a remortgage in 2 or 3 years im gonna be stuck with a high interest rate for the remainder :0( ... and with 22 years left its a long time to go without access to any discounted deals.... i know this is a worse case scenario... but with the baby comming im trying to look at every eventuality.... any advice would be greatly apreciated thanks
thing is my circumstances are changing.... just come to the end of a 3 year fixed variable and am now looking for something to replace....... my current lender has offerd me a 6.03 fixed for 10 years,,,, with a minimal £250 arragement fee , but were due our first child in 6 months and i have no idea how thats going to impact our finances ;0(
So do i go with a long term fixed rate ? i see woolwich are offering an even lower % at around 5.5% fixed for 10 years but with £750 more arrangement fee.... which works out cheaper in the long term....
Or do i go with a 2 or 3 year deal and see what the market is like in 3 years? i know nothing about how intrest rates wotk but i would be suprised to see them drop lower than the 5.5 the woolwich are offering atm any time soon???
Although my biggest worry is if our finances go a bit iffy due to the new addition... and i cant get a a remortgage in 2 or 3 years im gonna be stuck with a high interest rate for the remainder :0( ... and with 22 years left its a long time to go without access to any discounted deals.... i know this is a worse case scenario... but with the baby comming im trying to look at every eventuality.... any advice would be greatly apreciated thanks
0
Comments
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just find a fee charging adviser that will rebate commission if you're concerned about impartiality.I am a Mortgage AdviserYou 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.0
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