About to remortgage - fixed rate

smileyriley2

Hello

I currently have a mortgage with Alliance and Leicester and the flexible introductory period runs out at the end of Nov07. I will then go onto their SVR by default.
(currently 6.09%, £937 pm, £139,000 balance, 23yrs to go, house value £220,000+)

This has led me to consider remortgaging. I have researched all the options on your site and I am tempted to go with a 5yr fixed deal this time around (due to the certainty aspect). I am currently looking at Britannia who provide 5.39% fixed for 5yrs (but tied in)

I also have £10,000 on a credit card (jumping around - currently 0% for the next 10months, paying £200pm) and I was thinking of adding this to the new mortgage in order to free up more disposable income. I know consolidating debt onto a mortgage is bad practice (and £10K will be nearer £20K after 23 years) but right now I need more disposable income.

Q1. Am I doing the right thing?
Q2. Is the Britannia deal any good?

Many thanks

carol99_2

Why dont you ring A&L to see if they have a new deal to suit you? As you are already with them it will just be a case of swopping the product timed for when your old one finishes. Also, no val fees and you should be able to do it all by phone.

MortgagesInc

I know Alliance & Leicester did have some very competitive retention products last month, so well worth asking them first

Rick62

Yes, check with A&L first, they had some cracking retention deals last month.

Otherwise, I haven't dealt with Brittania myself, they are one of the few lenders not to use brokers, however a good friend has his mortgage with them and thinks they are fantastic, and certainly the rate looks very good (the tie in is just for the fixed period?)

smileyriley2

Great advice guys - I rang Alliance to see what deals they could offer before I walked away but they couldn't get anywhere near the deal I have highlighted. (Just under 6% at best) .

They did try really hard to resolve the issue but in their own words they just werent competitive at the moment. Admittedly they were last month but nothing around at the moment.

I have begun the process of remortgasging with Britannia.

Many fanx

smileyriley2:T

MortgageMamma

Have you factored in fee's? its not just the headline rate that makes a deal competitive enough,