Remortgage This Month

Jag1978

Hi All

Mortgage deal coming to an end this month (March) I’ll have an estimated £122k still left to pay. I want to put down £40k and clear as much of the initial £122k. Which leaves me with about £82k,which I will base my mortgage on.

In about 2 or 3 years I may have more funds to either pay half or completely pay the mortgage off, courtesy of the Bank of Dad & Mum but this isn’t 100%… yet.

Should I be looking at 2 year fixed or tracker???

My current provider Halifax is offering me 3 Fixed rate deals

• @ 5.74% arrangement fee £999, no Solicitor / Valuation / Dee release fees
• @ 6.34% arrangement fee £499, no Solicitor / Valuation / Dee release fees
• @ 5.89% arrangement fee £699, no Solicitor / Valuation / Dee release fees

Can’t really offer any good tracker deal only what’s on the web site.

http://www.halifax.co.uk/mortgages/existingcustomer_2yrtracker.asp

Or should I still shop around and look for a good tracker… As I could potentially pay my mortgage off within 3 – 5 years.

With Halifax, to enable me to pay a bulk sum of £40k off the mortgage without incurring any penalties I would have move on to the standard variable rate for a month, which doesn’t have any penalties for over payment. Do this for a month and pay the £40k off, then move over to a new deal. Does that sound right??

On the flip side, I’ve seen a couple of websites on peoples recommendations and Direct Line is offering 2 year discounted tracker @ 5.95% - 0.7% over base rate with £499 arrangement fees

Or First Direct who are offering a Life Time Tracker @ 5.9% - 0.49% over base rate with £399 arrangement fees – Not sure what they mean when they say Lifetime Tracker. Am I tied in with major fees to exit.

Opinions much appreciated.

Regards

Jag

MortgageMamma

have you spoken to a whole of market mortgage adviser and asked them to present you with the best product they can? take the legwork out of it for yourself, what takes you hours would take a broker minutes

Jag1978

Yeah I've got my mortgage adviser coming to visit us with all his options on Friday... But I thought I'd do some homework prior just to see what the market is like and compare what I've found with him.

Regards

Jag