Re-mortgage, looking for a better deal? Any recommendations??

dean_sarah

My husband and I are looking to change our mortgage, our current deal has almost expired and we have no redemtion penalty, so are just having a look around to see what there is... We are also expecting an addition to the family, so there will be a change in the working circumstances in the future... I am the major earner, so a smaller monthly repayment would be good...

I have got the guide which I have started to read through, but would appreciate your advice as it has been a while since i got stuck into the nitty gritty of mortgages and am sure it has all changed since then. I have got a meeting with my current lender C&G next weekend, but want to get up to speed with the it all before then, so am starting my research now.

Major query area is... fixed or variable?? I know what the difference is, but how do they each stand in the current market conditions??

I appreciate any comments and advice that you can offer me...
Thanking you in advance...
sx

Fairdo_2

C&G would be a good starting point as they do try to promote loyalty from within. They are not normally at the top of the tree regarding rates, but they should treat you well, especially considering your impending change of circumstances. Congratulations by the way.

If you are doing a "Debt for Debt" remortgage (£ for £) then several lenders should be happy to consider you, especially of you go via a broker. For example, Halifax often work on the basis of affordability of current payments.

If your incomes will be sufficient when the baby has arrived, then you may have the whole market to chose from. However, I should think you could work on current circumstances as I am fairly sure the lenders don't tend to have the question, "Are you expecting a change to your current circumstances?" However, they have the right to check that you are expected to remain with your Employer (if Employed) by seeking a reference.

A broker should be able to paint the best picture (lawfully) for you.

I would have said be sure that you could afford the repayments when your circumstances change. However, I think that is an obvious statement and I shouldn't think you are in a sudden position to reduce your mortgage balance drastically, so you still need to make your payments as low as possible, considering they will have to be made anyway.

Good luck.