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Remortgage advice- complete newbie
ljohns11
Posts: 9 Forumite
My fixed term is coming up for renewal and I'm a bit lost as to what my options are.
I bought my house in 2018 with a mortgage of 138k at 1.97% (I put 100k down as the deposit).
Currently owe approx 111k and the house is probably worth 270k (not sure if that is relevant) and the fixed term is coming to an end. What are my options? Is it just a case of find another mortgage? Anything I should be aware of or consider? I'm trying to have a stronger handle on finances this year so trying to become better informed.
I bought my house in 2018 with a mortgage of 138k at 1.97% (I put 100k down as the deposit).
Currently owe approx 111k and the house is probably worth 270k (not sure if that is relevant) and the fixed term is coming to an end. What are my options? Is it just a case of find another mortgage? Anything I should be aware of or consider? I'm trying to have a stronger handle on finances this year so trying to become better informed.
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Comments
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@ljohns11 I would recommend having a read of the MSE remortgage guide hereljohns11 said:My fixed term is coming up for renewal and I'm a bit lost as to what my options are.
I bought my house in 2018 with a mortgage of 138k at 1.97% (I put 100k down as the deposit).
Currently owe approx 111k and the house is probably worth 270k (not sure if that is relevant) and the fixed term is coming to an end. What are my options? Is it just a case of find another mortgage? Anything I should be aware of or consider? I'm trying to have a stronger handle on finances this year so trying to become better informed.
https://www.moneysavingexpert.com/mortgages/remortgage-guide/
Very very generally speaking, these are your options -
1. Switch to a new product with your current lender. This is called a product-switch/rate-switch/product-transfer . This is usually possible 3, 4 or 6 months (differs across lenders) before your current fix ends. If you're not borrowing more and don't need to change the term, this usually involves no credit checks, income checks, etc.
2. Remortgage to a new lender. This would be a mortgage application from scratch. Most mainstream remortgage offers are valid for around 6 months so you can start looking about 6 months before your current fix ends.
If you used a broker the first time around and we're happy with them, you may want to drop them an email to get the process started and handhold you through it.
Alternatively, if you want to use a broker, the MSE guide here may help you find one.
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3
I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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If staying with the same lender and you can remortgage now without fee.
Might be worth doing it s soon as you can, rates are due to increase on the 4th August.0
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