Re-mortgage Advice Please 2 November 2022 at 3:05PM in Mortgages & endowments 3 replies 267 views

princess23

Hi everyone, We are coming to the end of our five year fix deal in April 2023 currently on 1.99%.  We will then have four years 4 months remaining and 85K  which obviously is an usual time frame in getting another offer online whilst searching. Two questions if anyone can help please, firstly would it be possible to extend it to 5 years giving us an additional few months to help spread the payment out a bit more? and secondly in the current scheme of things would you advise a tracker or fixed rate TIA for an help you could offer.

kingstreet

Is this a remortgage to a new lender or a product switch with existing lender?

The former, you would simply set the term you want. The latter you are usually stuck with how long is left but you could talk to your lender about that.

FYI many products are not for a fixed number of years from completion but have a fixed end date, such as 31 January 2028.

housebuyer143

Yes, you can extend the term and you will want to as most lenders require 5yrs minimum.

It's your preference what you go for. Personally I would ride the tracker but again it's what you are happy with. If you can afford rates if the base rate went to 6% and were happy with that then a tracker is fine, if you couldn't and you need fixed payments to budget then fix it 

princess23

Thank you  for your comments this has been very helpful