ReMortgage Advice

chris.mac_2

Hi my first post. Please go easy!
My current 3yr tracker deal with First Active is up in June, I believe their SVR is currently 7.54% so I'm wanting to avoid moving to this rate. I owe £60k on a £110k property and my preference is to go fixed payment for stability, this plus it seems that the soon to be announced BoE cut (maybe?) will have little impact on the mortgage rates.

My broker recommends a Lloyds TSB 3yr fixed @ 6.12% with £99 only fee, or having read this forum and the advice given out would I be better off with a 5yr fixed deal such as the one for 5.69% Principality BS are offering.

Any advice gratefully received!!

Dan_Collins_2

Only you will know if 5 years would suit you. If you are not planning to move or change anything then why not. I dont think rates are going to be 3% in 3 years time.

Jonnno_2

My advice is dont use a broker for a start.

Theres plenty of fee free re mortgage deals out that you can find, without the need of a broker and his costs.

You could try some negotiating with your existing lender, I used to work on a retention team and we would do alot to keep a customer.

Give them a call first I think.

_Andy_

Jonnno wrote: »

My advice is dont use a broker for a start.

Theres plenty of fee free re mortgage deals out that you can find, without the need of a broker and his costs.

You could try some negotiating with your existing lender, I used to work on a retention team and we would do alot to keep a customer.

Give them a call first I think.

Well if the broker is fee free then there is nothing to lose.

Dan_Collins_2

I think Jonnno was dumped by a pretty broker, he just dont like em!

sarkin

Yes dont use us for whole of market fee free deals. Jonny is tied to 1 product from 1 lender.

Why dont you go back to the broker and tell him you want to look at other deals. I am sure he will be more than happy to offer you terms and rates from the whole of the market.

allan673

just ask the broker for other products that may interest you.
there is no point trying to negotiate a deal with your current lender, they dont do that and wont entertain you.

chris.mac_2

Hi Thanks for all the replies.

I'm due to speak with the broker in next few days, they're whole of market but there is a fee involved around £200 mark upon completion, is this the going rate? They're keen to push the paperwork through ASAP "so I get this rate now as deals are changing so fast, so it could well be withdrawn after BoE on 10th"

Incidentally misquoted, the deal is actually LloydsTSB 5.79% fixed 3yrs but with fees of £600.

I don't plan on moving for the forseeable future, have good credit history and I'm in steady employ -at moment at least! I like the idea of not having to go through this exercise again for sometime -only drawback is the 5yr tie-in a full 5% right up until the end of yr 5.

I can understand the need to move quickly but at the same time I don't want to be rushed into a decision

Dan_Collins_2

No dont rush, but if it gets pulled you will get very short notice to apply for it.

Are you sure that the admini fee is not £995?

chris.mac_2

New mortgage is £99 + £499set up + £35 to transfer= £633 + exit fee from old mortgage of £195 G.Total of £828 to move

Just found out that the First Active SVR for me is 6.24%. If I stay with first active my monthly payments are £1 more than transferring plus I'm £828 better off. Thinking I'll hold off moving for a few months and see how market goes, maybe in 6months it'll settle down.