my fixed rate is up and additional borrowing is now on SVR please advise

curlyboy

HELLO
my fixed rate is up, in Oct 2008 4.39% five years ago with halifax for my mortgage (£69,000),I also on a SVR @ 6.16 % for additional borrowing ( £24,000 ) which is with the halifax. as well separate to my mortage

shall i move the 24k which im paying at 6.16% with the halifax to first direct @ 4.99 will i get 4.99% with tham or have i go to remortage to get that rate as im paying 6.16% svr on the 24k shall i shop around and getting a loan and transfer it to that ? - great guys keep up the good work
:rotfl:

dunstonh

Wait until closer to the time. Around August should be fine. You need to see what deals your current lender will offer before you decide to remortgage or not.

curlyboy

ok thanks
so keep the 24k on the svr until oct , and my mortgage of £69,000 at 4.39& is up in October 08 - tie them together and see what my current lender can offer as one re mortage package ??? is thats whats best do think - cheers many

dunstonh

If you wait until later in the year you will be able to remortgage if required. If you pick a deal now on the one part you will be stuck with the current lender when the other part exits the deal (or pay a big penalty).

For the sake of 9 months and only being 24k, you may as well wait.

curlyboy

brilliant thank you for the advice as im paying 6.14% on svr for £24k and £69.000 @ 4.39%........Come October and tie them together and say i get a fixed rate of 5.19%...i will save money as the 24k was at 6.16% is that right ???? would i save tie them together as a fixed rate ??=thanks

dunstonh

You will possibly save more. Interest rates are considered to be going down. So rates could be a tad lower in October. You may find another lender is a better option as well.

There is a bit of unknown between now and then but I would pick the ability to have choice at the time rather than tie myself to the lender now.

Dan_Collins_2

You cant move the 24 k without the rest and vice versa unless you take out a secured loan and thenyou be glad of 6. anything!! I would go with big D and wait a little longer. Halifax dont always have no ties products for existing client so its better to hang on.