Remortgage Help

rscosworth

Guys,

I moved house on Feb 1st and increased my mortgage to 120k.

Currently im on 4.65% fixed but my deal is coming to an end very soon.

Im looking for a fixed deal for either 2/3/5 years but would like the lowest possible monthly cost, also, with just moving house we are still pretty short so im not sure how much fee's we can afford.

Any advice?

Cheers

silvercar

I'm sure the experts will be along soon.

What is available will depend on your salary (s), credit rating and house value. Post these to give people a starting point.

rscosworth

Salary
Me 27k
Mrs 17k

Credit Rating - Excellent

House value 160,000 (October 2007)

Thanks guys - all advice much appreciated...

Tiddler_2

When exactly does your deal end?

One of the best deals on the market at the minute is HSBCs 5 year fixed at 5.39% If money is tight it might be possible to extend the mortgage term.

I think the deal has a £999 fee but as brokers cannot sell the deal, I'm not sure if this is an upfront fee or not

rscosworth

thanks, just actually been looking at HSBC rate matcher - any advice?

when i say money is tight, its not really, i would be prepared to pay up to 1k (added onto mortgage)

deal ends 1st may (northern rock have just informed me) i thought it was 1st june - hey ho, !!!! happens, hence the urgency....

would hsbc matching at 4.65 for 2 years be better than 5.39 for 5 years?

cheers

micken

rscosworth wrote: »

would hsbc matching at 4.65 for 2 years be better than 5.39 for 5 years?

cheers

Consider HSBC BoE + 0.48% at £599 (Save £400) with a lot of flexibility.

MortgageMamma

You have to ask yourself whether getting the best rate NOW and coping with a market leading lenders painfully slow remortgage service is what you want, or, whether you want to go for a reasonably priced product and get good service and an offer within perhaps a week?

To be honest, at present the four major banks are being very unfair on consumers like you. What they are doing is offering their direct products priced far more competitively than the products which a non fee charging broker can offer you. They are doing this as the "want to control the quality of their lending" and feel they can do this more effectively by attracting more direct business. I have my own theory of why they are doing it but this is not the place to go into that.

You may wonder why that is unfair for you as a customer? Well, if you go to the bank for your mortgage and bypass a broker, then you have no recourse should you be SOLD the wrong product or something go wrong during application or post completion that costs you money. If you go through a broker, then you have fully indemnified professional ADVICE and have recourse against that broker should you be disadvantaged in anyway. What the banks are effectively doing is paying you to sign away your right to complain or claim compensation at a later date. That might not seem important now but believe me it really is.

You might find that many brokers are asking for a research fee to cover the costs of their time and ensure they research the direct to lender only deals for you as well. I have done this in recent weeks and its working well. You still get the indemnified advice and you pay a reasonable sum (£100 for example) to have it done.

I am not posting this with any ulterior motives other than to make you and other MSErs aware of whats going on in the marketplace right now. Don't let the banks strip you of your right to recourse in the event of their negligence. There are ways of getting market leading rates without losing your consumer protection.

Amen

MM

rscosworth

micken wrote: »

Consider HSBC BoE + 0.48% at £599 (Save £400) with a lot of flexibility.

need fixed im afraid, dont want things changing month to month

micken

rscosworth wrote: »

need fixed im afraid, dont want things changing month to month

Best wishes and hope you get the deal you want.

Mick