my fixed rate mortgage is up!

pra07

Hi All
Having bought my first home in October 2006 I went with a Britannia mortgate of £82K (on a £95K property). The fixed rate was for two years so that's coming to an end this October! I currently pay £422 per month (was a 30yr term at 4.6%). I'm really anxious about what to do next and am well aware that interest rates have gone up... Being a complete novice at mortgages, am I best to start to shop around now and shoukd I fix it for 5yrs? Where do I start to shop around for the best deal - gulp!!!

Any help is much appreciated, I don't know where to start!
Thanks
Jo

MartynwithaY

Hi Jo

I'm in a similar situation to you. I bought my first house in August 2006, with a £84k mortgage on a £94k property. My 2 year fix is with Halifax at 4.39% and is up in August this year.

Since your deal end is more than 6 months away I wouldn't worry too much. I've not made any firm arrangements yet myself, just been keeping an eye on this board and checking out some of the money websites. Your Loan To Value percentage is decent so that will work in your favour.

Have you read Martin's guide to re-mortgaging on this site? If not I'd recommend it.

Martyn.

_Andy_

pra07 wrote: »

Hi All
Having bought my first home in October 2006 I went with a Britannia mortgate of £82K (on a £95K property). The fixed rate was for two years so that's coming to an end this October! I currently pay £422 per month (was a 30yr term at 4.6%). I'm really anxious about what to do next and am well aware that interest rates have gone up... Being a complete novice at mortgages, am I best to start to shop around now and shoukd I fix it for 5yrs? Where do I start to shop around for the best deal - gulp!!!

Any help is much appreciated, I don't know where to start!
Thanks
Jo

Hi Jo

Best to look a bit nearer the time, mid-end August probably.

Cheers

pra07

Many thanks for the helpful responses from Andy and Martyn. I have printed out the guide and will give me good bedtime reading no doubt.
Will look in a couple of months time I reckon.
Jo

Dan_Collins_2

Britannia normally offer a good deal to keep clients. Only ever moved one away from them. Keep an eye what is happening. You are right to have a lookas you will be making a big jump. You can start the ball rolling about 2-3 months before your ends but always check with your lender.

Most lenders are looking to retain clients and keep new lending down.

Good luck

IDN101

Just been through this myself- sorted a remortgage deal yesterday.

My advice:
-start seriouslt looking at alternatives 3-4 months in advance of fixed period ending.

-Check comparison sites on internet (Money Supermarket / Motley Fool, etc)
-Read these forums on a daily basis
-It's really not such a daunting thing (ie searching out a good deal yourself) to do once you get a bit of confidence and "settle into it".
-Only you can decide how long you want to fix the rate for (if you want another fixed rate that is).

Hope some of this helps.
Ian