Remortgage question.

squibbs25

Hello.
I wonder if anyone can help.

I currently have a 5 year fixed rate mortgage with the Halifax, deal is ending about Feb/Mar 08, so obviously, i will need to remortgage.

I have quite a bit of equity in the house as i put down a huge deposit, but i dont think i got the best deal mortgage wise when buying. The mortgage was for about 40-45% of the house value. I only went to the Halifax, and, as a first time buyer was pretty nieve at the time.
I dont want to make the same mistake again!

What sorts of things do i need to find out?
I'm totally lost!

TIA

Squibbs

herbiesjp

WHat is the property value?
What is the mortgage amount needed?
What is your income?

Do you have any other loans/credit commitments in the background?

Mr_helpful

marshall874 wrote: »

In that 40 - 45% bracket you should be able to access some of the best deals on the market. Often, the mainstream lenders don't have deals specifically tailored for people who have so much home equity, and so you can end up paying more than you need to. In my opinion, the best thing for you to do would be to have a deeper look around the market, and perhaps seek some independent advice to find out what would be best for you.

If I can be of any more assistance, please don't hesitate to contact me. Contact details are in my profile

You are breaking the rules of this site. Please read martyns rules.
as far as Op is concerned he needs to find fees free independent advice Use serch engines and see who you are happy with

MortgageMamma

marshall874 wrote: »

In that 40 - 45% bracket you should be able to access some of the best deals on the market. Often, the mainstream lenders don't have deals specifically tailored for people who have so much home equity, and so you can end up paying more than you need to. In my opinion, the best thing for you to do would be to have a deeper look around the market, and perhaps seek some independent advice to find out what would be best for you.

If I can be of any more assistance, please don't hesitate to contact me. Contact details are in my profile

You might want to take your mobile number out of your location section too, this site is not for getting mortgage leads

squibbs25

MortgageMamma wrote: »

You might want to take your mobile number out of your location section too, this site is not for getting mortgage leads

Have i missed something?
I am a genuine person asking a genuine question.
I am normally found over on the families board.

Can someone please tell me what i have done wrong?

Squibbs

squibbs25

herbiesjp wrote: »

WHat is the property value?
What is the mortgage amount needed?
What is your income?

Do you have any other loans/credit commitments in the background?

The property value is around £170 K ish (house 6 doors away slightly smaller, no extension, or loft conversion was on market for £169,950) not sure what it actually sold for yet (as they havent moved on).
Mortgage was originally for £55k then took out a 5k 'home owner loan' (which was added to mortgage) about 3 years later.

Income on hubby's wage is about £23K, i only work part time and am on minimum wage, so probally about 2k (i take all school hols off as it cheeper than paying for childcare).

As for cc's we jointly owe about MAX £1500

mountainchrisriver

squibbs25... Mr helpful and MortgageMamma were not referring to you but a poster that was advertising themselves as a mortgage adviser without reference to the rules of the site... post was reported and has been removed hence why the replies might look a little strange! HTH...

squibbs25

mountainchrisriver wrote: »

squibbs25... Mr helpful and MortgageMamma were not referring to you but a poster that was advertising themselves as a mortgage adviser without reference to the rules of the site... post was reported and has been removed hence why the replies might look a little strange! HTH...

Yes that helps very much!
I was worried that i'd done something wrong!
Thanks for clearing that up.

Squibbs

herbiesjp

So you are looking for a £60k loan on a property of approximately £170k

OH income is £23k with £1500 on a credit card

On that basis you will indeed have the pick of the market. First port of call would be Halifax to see what they can offer, and then compare to what else is out there on the market

squibbs25

When do i start putting the 'feelers' out?
Is it too soon now or shall i wait til Dec ish, or til after New Year. (not on the interest front, as none of us have a crystal ball )

What do i ask the Halifax, and how do i go about securing a good deal?

As you can tell, i really am nieve! LOL

Thanks so far,

Squibbs

herbiesjp

You can try Halifax now, but I think it will still be tooearly for them to offer you something.

Asfor other lenders, there are lenders that can issue an offer letter valid for 6 months - so that would fit in with your timescales.

You can hedge your bets, by applying for a deal now, assuming free legal fees and free valuation (and add any arrangement fee to the loan if there is one). That way you get an offer letter on current deals, and have not paid anything upfront for it. Nearer the time you can then look around and see if there is anythng better - if so apply for that as a replacement.

I suggest getting professional help here, as although some lenders say their offer letters are valid for 6 months, the actual deal you apply for may have a expiry date earlier than the 6 months which would mean having to choose a new deal