We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Re-mortgaging
Bluesmiler
Posts: 1 Newbie
Hi,
I thought I would put some figures on here and hopefully get some good advice as to what to do with re-mortgaging. My 2 yr fixed (4.24%) is ending at the end of the month, the mortgage is for £88,000 over a property of £140,000. Just seen an IFA who recommends that I stay with Alliance & Leicester and take their 2 yr fix mortgage at 6.23% and a fee of £250 only (which I can pay). Now I have just read that interest rates might come down but I'm not good at gambling and would prefer safety. However, fixing for 2 years at the risk of paying over the odds if rates do fall, doesn't appeal much either... I am not willing to pay large fees (I have a £295 exit fee if I leave A&L) and I need a lender who will take into account child maintenance in my income. I need to pick up the phone and arrange this but I'm so unsure that I would welcome any comments you may have
Thanks in advance.
I thought I would put some figures on here and hopefully get some good advice as to what to do with re-mortgaging. My 2 yr fixed (4.24%) is ending at the end of the month, the mortgage is for £88,000 over a property of £140,000. Just seen an IFA who recommends that I stay with Alliance & Leicester and take their 2 yr fix mortgage at 6.23% and a fee of £250 only (which I can pay). Now I have just read that interest rates might come down but I'm not good at gambling and would prefer safety. However, fixing for 2 years at the risk of paying over the odds if rates do fall, doesn't appeal much either... I am not willing to pay large fees (I have a £295 exit fee if I leave A&L) and I need a lender who will take into account child maintenance in my income. I need to pick up the phone and arrange this but I'm so unsure that I would welcome any comments you may have
Thanks in advance. 0
Comments
-
I suggest you take the advice of the mortgage adviser you have seen or go back to them with regards to your view on fixed rate.
He has, after all, recommended almost certainly the option with the lowest fees which is what you want.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Why did your broker suggest that you stay with your lender, is it because other banks won't lend to you? A&L is not very competitive right now IMO.0
-
If the OP has told the mortgage adviser that he/she wants to pay as little charges as possible then the recommendation is logical. It may not be the best deal but it fits the criteria laid down to the adviser.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards