re-mortgage best deal?

scott_tomcat

need to re-mortgage in july as my current rate is going up

I will have around 60k left with a nine years 6months left term.

Looking for the best overall deal.

currently with the abbey 6.05% base rate tracker (goes up to over 7%)

they have evntually offered me a 5year 5.99 deal with around £300 fee after fobbing me off with 6.5% deals to start with..

however I have seen what looks like the best deal with the woolwich
a 10year fixed at 5.29% but with £995 fee (but mortgage can be moved should we decide to sell etc) it will also allow a overpayment of up to 5%/ year.

what do you think is their better deals about apparently their rates are going up after tomorrow (whether thats true not sure)?

although its a longer term than I initially wanted I was thinking its a good rate and set payment to the end of the mortgage it would be worth it

maybe add my 3k credit card then over pay by say £50/month..

any good advise would be appreciated

thanks
Scott

scott_tomcat

can nobody offer any advise?

homer_j_3

If you are only repaying minimum payment on your credit card then you will be better consolidating. However, that assumes that you will not rebuild debt up on the credit card and that you understand that securing debt against your home is more risky than leaving it unsecured.

The deal looks good on face value, whether its right for you is a different question.

hugglette

that looks ok from what I have seen whilst I have been looking around for my mortgage

I have gone for a 10 year fix with HSBC at 5.67 with 499 fee

hugglette

called woolwich and this deal is being pulled today

scott_tomcat

yes the deal is being pulled today but as long as you phone today they will give you a couple of days to decide/go ahead with the deal.

hugglette

yeah, i went through it on the phone, just wanted to let you know in case you had not done it!

cheers

sarahpeck

I read that this deal had a minimum term of 6 years. So that would mean you wouldn't be able to move for 6 years surely.

hugglette

they told me on the phone that it was portable to a new property

luckyfool

sarahpeck wrote: »

I read that this deal had a minimum term of 6 years. So that would mean you wouldn't be able to move for 6 years surely.

No, that would mean that the repayment term is a minimum of 6 years, though I'm not familiar with any such limit. The normal minimum mortgage term for a new loan is 5 years with most lenders.

Woolwich mortgages are portable so you could move and take it with you in year 1, or year 9. Portability isn't a cure-all though as you are at the mercy of whether they will allow you to borrow any more, and their criteria at that time.

hugglette

thanks luckyfool, was panicking a bit there as to what I had got myself into as we will defo move in the next 10 years!