2 Year Mortgage Term Coming to an End (First Time Buyer)

Adamc

Hi all (apologies for any misunderstandings here)

We bought our first house two years ago and our fixed mortgage period is coming to an end. 

We are thinking of selling up and moving within the next 3 years to upgrade to something more family orientated. 

I wondered what research I should be doing to ensure I find the best deals and also what costs I am likely to incur? 

Any general advice and considerations would be a massive help. 

Many thanks 

csgohan4

Good guide for remortgaging

https://www.moneysavingexpert.com/mortgages/remortgage-guide/

As your moving in 3 years time, maybe a 3 year mortgage deal?

amnblog

If you do not want to trip yourself up Adam, particularly in the current environment, consult a mortgage broker.

Unicorn_cottage

@Adamc I am in a similar position. I currently on a 5 year fix with the Bank of Ireland which finishes in June & even in it's final year the early redemption fee is £6k!!! Can't wait to get rid of it. Like you I might be moving in the next 2 years so have gone for a tracker as these generally have no early redemption fees & other benefits like unlimited overpayments etc. Remortgaging is only going to cost me £85 so am pretty chuffed
Have you run your details through the mortgage finder to look at the deals on offer? https://www.moneysavingexpert.com/mortgages/best-buys/

Adamc

Unicorn_cottage said:

@Adamc I am in a similar position. I currently on a 5 year fix with the Bank of Ireland which finishes in June & even in it's final year the early redemption fee is £6k!!! Can't wait to get rid of it. Like you I might be moving in the next 2 years so have gone for a tracker as these generally have no early redemption fees & other benefits like unlimited overpayments etc. Remortgaging is only going to cost me £85 so am pretty chuffed
Have you run your details through the mortgage finder to look at the deals on offer? https://www.moneysavingexpert.com/mortgages/best-buys/

Thanks - did you end up going through a broker?

Unicorn_cottage

Hi yes London and Country (recommended by Martin Lewis). I used them for my first mortgage and remortgage. Deffo read the remortgage guide as recommended by @csgohan4

Unicorn_cottage

I should say I used London and Country as they are broker fee free.

csgohan4

I wouldn't recommend L+C if you have anything unusual in your credit history or your not straight forward, even self employed with no adverse I wouldn't go  with them

Unicorn_cottage

csgohan4 said:

I wouldn't recommend L+C if you have anything unusual in your credit history or your not straight forward, even self employed with no adverse I wouldn't go  with them

Why's that?

csgohan4

Unicorn_cottage said:

csgohan4 said:

I wouldn't recommend L+C if you have anything unusual in your credit history or your not straight forward, even self employed with no adverse I wouldn't go  with them

Why's that?

Have a look at prev L+C threads, but they are a conveyor belt broker, you get what you pay for. Anything complicated and your on the backburner or told they can't help you.  They cherry pick the easy cases

Unicorn_cottage

Surely nothing wrong with that though if that is their business model? They are the Primark of mortgage brokering. I am a straight forward case so I don't want to pay for brokers fees. My remortgage cost me less that £100 I am over the moon. Never had any problems with L&C.