Remortage is due,should I get a new deal now or wait ?

cameroon95

My 2 year fixed is due in July but I can get a deal now . Thing is the interest rates with Santander (current Lender) are higher than my previous deal by around .5% .

I'm unsure of what to do with the market at the moment , whether I should wait or try to get a deal now as the rates could get worse ?

I have a 85% LTV on a 315k property ,paying 1.49 percent .

Any help or advice is appreciated 😊

Unicorn_cottage

Have you seen the latest news

cameroon95

What news exactly? I'm confused

Moneyminded

The news is saying that as the housing market should be shut down for a period of time banks won't lend mortgages on property purchases and some lenders won't lend to those with little equity in their home https://www.bbc.co.uk/news/business-52106119

cameroon95

Yeah I've seen that, Santander seem to still be able to offer me a new fixed rate, I have various options on my account .

So should I jump at getting a new deal or should I wait a few months is my question?

Moneyminded

Only you can make the decision of whether or not to lock in a deal now. It depends on your circumstances and your attitude to risk. 

cameroon95

You are right moneyminded, I guess I was just expecting a better deal as im paying 1.54% /£926./month at the moment and the next best fixed deal is 1.94% at £974/month.

Im just scared if I do not go for the deal now that in a few weeks/months Santander won#t offer me any remortage deals and I will have to go on the SVR

lspell1

I suppose the other way to think of it is, will Santander offer you a better rate if they know you can't get one elsewhere. I know it's annoying having to pay more. But at 85% LTV in the current market, you may struggle to get better.

cameroon95

I actually did my math wrong I actually have 80% LTV now, just incredibly disappointing as I have been overpaying like mad.

I did see an article from Martin Lewis last week saying to wait two weeks as the mortage rates may fall- or has that probably already happened?

lspell1

I certainly don't think they'll fall, but that's just my opinion. A lot of risk out there for Lenders at the moment.
However, more lenders may reintroduce higher loan to value products. A lot of mainstream large lenders have capped lending at below 75% ltv. They could reintroduce higher LTV products that help you.

cameroon95

I don't think I would be looking to switch Lender, my house is a Baratt new build @ the end of its first 2 year fixed.
I think if I went through a new Lender the Valuation would be much lower than what I paid and I could be in a real bad situation