Re-mortgage

RobbieD1506

Hi,

We finish our fixed deal with nationwide in May. Just wondered roughly when we should enquire about retention and do we just call and ask what the offer is? Sorry if this is a bit basic, it's the first time we've ever done this.

Cheers

Edi81

You can look at their website to see what their rates for existing customers are.
You can switch 3 months before the end if I recall correctly.

RobbieD1506

Cheers. Have just logged on and it says I can do it up to 5 months so anytime now really. We also have a help to buy loan and were first time buyers when nationwide gave us the mortgage 2 years ago. i know there are certain lenders who don't allow remortgaging with HTB...do I assume I'm ok if I stay with nationwide and move to their retention rate or can this still cause problems?

YHM

You will be fine sticking with Nationwide.

Yes, you do have other options, but as you have alluded to if you keeping your HTB loan in place, then your remortgage options are limited.

You can always get a broker to process the rate change for you if you wanted them to review your options properly...

RobbieD1506

Yeah, there doesn't seem to be much difference between nationwide's quote and other comparisons. Does anybody have any strong opinions/reasons on how long to fix it for? Are there any particular reasons why people would fix for 2 or 5 years? Any advice greatly received.

YHM

This isn't a forum to receive financial advice. If you want proper qualified advice, you need to sit down with an adviser / broker.

Rate preferences is purely down to yourself and you shouldn't be swayed by 'the bloke in the pub' as what is right for one, isn't right for the next.

getmore4less

You need a plan for your HTB

RobbieD1506

Ok YHM, calm down...new to this so asking for general advice. Happy new year!

RobbieD1506

getmore4less wrote: »

You need a plan for your HTB

Gonna speak to our IFA but thinking of overpaying on mortgage. Will obviously discuss this with him further in the new year.

Edi81

Your choice of how long to fix for will have various factors.

How big the house is - will you be looking or needing a bigger property?
Planning on having children in the next few years?
All these things will determine your choice of fixed length along with your view on how Brexit will pan out.

As the other poster said we don’t know your personal circumstances so can only give general guidance.

nicholbb

I would look around at different rates using a broker, I used London & Country as recommended on this site. If your IFA specialises in mortgages as well, that is good else are they the best source?



The broker went through all the questions, even those I didn't think of, they will give you the information but ultimately it will be down to you to say what you want. It's free because they get a kickback but have access to mortgages not open to general public.


Bad bits. You still end up doing all the paperwork. Use your own solicitor for conveyancing if you can (mine wasn't on panel, there's were crap).



They do approach your lender to see if they can match (if you give permission). My requirements to overpay but wanting flexibility of clawing back were taken into consideration and I ended up with an offset fixed for 5 - not what I expected to come out with.