Re-mortgaging - Fixed rate and LTV

vivedi

Thanks. 75% is what we had when we bought the house.
We have just over 128k remaining and the two identical houses sold for 232k and 235k. So I think there is a chance we could get to 60% but would there be a cost associated with that if we asked for a valuation?

getmore4less

No idea on cost but 0.1% would save around £600 over the 5y fix.

vivedi

Thanks, I will ask them about it.

vivedi

I’ve spoken with Santander. The interest rates they’ve offered us are based on a value of £223k with a LTV of 57% so it’s already under 60%.

I’ve used the MSE tool for finding a cheap deal for re-mortgaging and there isn’t anything cheaper on the 10 year fixed rate (there is a 2.24% offer but the fees on this make it more expensive in the end) which we prefer and on 5 years it shows a different Santander offer but I’m guessing that wouldn’t be available to us or we would have had it on our account.

The mortgage is also portable so I don’t think potentially buying a bigger house is an issue if we went with the 10 year rate and we don’t have any actual plans for moving house.

Would it still make sense to go to a mortgage broker to see if there is anything cheaper out there? Is there enough time? I have asked Santander to send us the offer so that it is definitely available to us for the next 14 days.

Thanks for your help.

vivedi

Oh, I worked out what ERC is short for. It’s 5% on the 5 year fixed rate and 6% on the 10 year fixed rate.