Hlp Pls - Mortgage up for renewal end of month - have i left it too late?

Huggins

Hi looking to switch mortgage at the end of this month when our exsiting mortgage term ends. 1, Am i cutting it fine on timescale 2, who's got the best fixed repayment mortgage at the moment pls over any time period with lowest set-up fee's etc (ie. whats the best all rounder!)

Sorry for the lazy post but I have been very busy with work and the time has slipped me by and now i'm sweating it!

- many thanks for any helps regards Huggins

herbiesjp

No it's not too late

You may go onto the SVR of your current lender but that would not be the end of the world.

Ask your current lender what deals they would offer you first

Then you need to compare against the best of the rest.

The "best" will really depend on your own personal circumstances, as what might be best for someone else may not be suitable for you, or you may not meet the criteria of that particular lender

What figures are you looking at?

Huggins

ok thanks all - i basicly looking for the lowest interest repayment and ideally fixed for 5 year period. I notice some new mortgages havea horrendous set-up fees which massivley outweigh the intially attractive % rate - had a quick look thru some other posts and first direct seem to be one of the best at the moment - is this correct can they be beaten?

n.b i also have a lump to put to towards my new mortgage when i find a good one ie. I owe 110k on the exisiting mortgage but plan to put 20k down and reduce the actual borrowed amount to 90k - how do i go about doing this and do i need to check for any clauses or extra charges incurred for putting this lump sum into reduce the mortgage.

I hope this makes sense and thanks again Huggins

dunstonh

I notice some new mortgages havea horrendous set-up fees which massivley outweigh the intially attractive % rate

That may be the case for you but not necessarily for those with large mortgages. These are designed for the larger mortgage in mind where they have stripped out the profit from the rate and have put it into the fee.

A small mortgage would see these as expensive but a large mortgage would see them much better value.

Huggins

ok thx - are there any comparison tables i can use to find a good deal? or can anyone recommend mortgage that would suit my requirements based on the above pls

MortgageMamma

www.moneyfacts.co.uk

herbiesjp

Huggins wrote: »

n.b i also have a lump to put to towards my new mortgage when i find a good one ie. I owe 110k on the exisiting mortgage but plan to put 20k down and reduce the actual borrowed amount to 90k - how do i go about doing this and do i need to check for any clauses or extra charges incurred for putting this lump sum into reduce the mortgage.

I hope this makes sense and thanks again Huggins

Straightforward really

You only apply for the re-mortgage of £90k - the solicitor dealing with the re-mortgage will then ask you for this extra £20k to pay back to the lender in question

Make sure all of this happens after any early repayment charges (penalties)expire