What's the best approach??

halesowenmum

Hi just looking for advice on what might be the best approach for me to take remortgaging-wise. My situation is:

£65k left on mortgage
House value about £165k
My age - 50
Credit rating is 999 Good
No CCJs or bad debt or anything at any time in the past
Exemplary record of paying mortgage payments
Full time employed but on a fixed term contract - can show a pattern of consistent employment throughout last 5 years on salaries from £30k to a Ltd Co turnover of £56k in 2013, to £40k on a fixed term contract right now - format of employment has been very mixed over the last 5 years - PAYE, umbrella, Ltd, fixed term, but consistently employed. I also get over £5,500 a year in child maintenance which will continue for the next two years.

I have utilised overdraft to this extent for the last few months:
Set up overdraft to cover planned overspend of £202 on 27 June and there have been no forays into the overdraft since then.

My reason for remortgaging is the end of my current fixed term rate (Virgin) is coming in early February and the SVR means the monthly repayment goes up a fair old bit.

Do I:
1. Pick one of the 'pre-approved' Virgin mortgages that I can just sign up for online as an existing customer which have fixed terms for no more than 5 years (bearing in mind my age the the increasing difficulty to get a loan based on my remaining years of work before they turn me out into a grassy field)
2. Go for one of the mortgages on here looking for the absolutely longest fixed term of 10+ years OR lilfetime of the mortgage again in light of my age - should I be concerned if I fix it for 4 - 5 years now and then maybe at 55/56 years old find they don't want to lend to me?? And because everything seems to point to rates really going up - do I want to be handling that and the further difficulties it could present me getting a loan to take me to 60 years old and the repayment of my mortgage?
3. And, based on what I've told you of my financials, if going for the non-Virgin existing lender option sounds better for my circumstances, do I need to go through a broker or can I just handle this myself?

I'm repayment by the way and want to stick with that.

YHM

Completely your choice.

I am biased and would say use a broker all day long, as they would consider which lenders would give you a longer fixed rate than what Virgin can offer and also which lenders would be fine with your Fixed Term Contract pay.

I would stress though, I would expect most brokers, myself including, to charge a fee as your mortgage balance is pretty small, and we get paid based on size of mortgage. However, if the fee gives you a net saving in interest as opposed to Virgin, surely that addresses that cost??

halesowenmum

Yes, there may only be 14 years left but how much I pay in interest is still very much of interest to me so I'm not opposed to a broker and a fee if required.

Have yourself or any other kindly soul who might reply, got any suggestions for brokers who might be good in my particular circumstances????