Remortgage Advice Needed

herbiesjp

You can still start the re-mortgage process now though if you want - and base it on the figures you are aiming for. So you can save up, and then reduce the mortgage by that amount in July with the re-mortgage already sorted out

farhad1965

Hi there Mum of many - I know couple of mortgage brokers who are close friends and they tell me that their work has dried up to 5% of what it was 2-3 months ago. I can assume that your broker is also desperate to get you to do a remortgage.

Do not get pushed into a remortgage, before making absolutely sure that if you did so it would make a postive ££££s difference for you. You may find that staying with your current lender for a bit longer would be worthwhile, given the arrangement fees that are to be paid on remortgages now.

My mortgage deal is up in August and I am being told to sit and wait till July, and monitor the banks and other mortgage providers.

Good luck

Farhad

Mum_of_many_4

Hi Farhad

This is what it felt like to be honest and was the reason I asked on here. He said that he thought we should secure a new deal before any interest rate rises but its hard to know whether that will happen.

herbiesjp

If you go for a fee free deal (and add the arrangement fee onto the mortgage amount on application) you have nothing to lose.

If rates go up, you have a better deal

If rates go down, you do not proceed and have not lost any money.

payless

Herbie, seem to remember one of the big lenders saying that they will chase for fees if a deal is booked ( with assumption of fees added) but not completed

herbiesjp

I do as well - but not heard much else about it.

First port of call would be existing lender to see what deal they would offer, and then if not suitable, look elsewhere at other lenders.

Making sure however that there was no such potential for fee chasing

beanpole_2

Hi - I dont know if anyone has any advice, I am looking to remortgage, house value is 190,000 mortgage required is 101,000. Are there any places that offer good rates for a good deposit? Only problem is we need a fast track mortgage where they dont need proof of income as only one us can go on the mortgage due to various reasons. I am at a loss!

JimmyTheWig

beanpole wrote: »

Hi - I dont know if anyone has any advice, I am looking to remortgage, house value is 190,000 mortgage required is 101,000. Are there any places that offer good rates for a good deposit? Only problem is we need a fast track mortgage where they dont need proof of income as only one us can go on the mortgage due to various reasons. I am at a loss!

Sounds like a new thread required for this one to me.

Edit: Sorry, just seen this was your first post, so my reply was rather abrupt. I think you will get better advice if you raise this as a new thread. Then people on that thread can concentrate on your situation rather than confusing the two. There is never a single answer to a mortgage question like this. people will need more details to be able to help you, hence the need for a new thread.

JimmyTheWig

Mum_of_many wrote: »

This is what it felt like to be honest and was the reason I asked on here. He said that he thought we should secure a new deal before any interest rate rises but its hard to know whether that will happen.

I'd be wary of this guy if I were you.
Is he "fees free" and "whole of market" or is he tied into a company (e.g. is he based in an estate agent)?

"should secure a new deal before any interest rate rises". So does he think rates are going to rise, then? Interesting.
Note that on the deals he offered you (and on the deals Halifax offered you), the fixed rate was lower than the variable rate. Why do you think that is? Because the banks think interest rates will come down.

herbiesjp

In fairness - he could have meant lenders increasing their rates and not BoE - which they have been doing for a while now