Remortgage crossroads

rmc86uk

Hi All

I know this will be a daily post but my 2 year fixed term ends next month with First Direct.

Current mortgage loan is £78000 paying £480 per month 15 years left.

The current SVR is 6.9% of which my mortgage will increase by £221 per month to £701

Currently looking at most products around 6%. I'm guessing i'll be best fixing at 6% for a 2-3 years as the SVR could go up.

I think I have pretty much answered my own question just wondered what other peoples thoughts are?!

Thanks in advance

propertyhunter

They predicting the rate will reach 6.25-6.50%, so mortgage rates will likely rise to 7.25-7.5% at a minimum for 2-3 year fixes. Not sure how long they will stay there - it's all about your attitude to risk and whether you value stability. 

MFWannabe

What are the rates with First Direct for fixed deals? What ERC charges are there? 

rmc86uk

MFWannabe said:

What are the rates with First Direct for fixed deals? What ERC charges are there? 

Thanks for the reply

2 Year fixed 5.56% no fee total over 1 year £7680

5 Year fixed 4.97% no fee total over 1 year £7392

2 Year fixed 5.31% fee total over 1 year £7793

5 Year fixed 4.86% fee total over 1 year £7577

I think the ECR on my current product is 3%