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remortgage - can i find anything better? :(
karie
Posts: 483 Forumite
hello
my current 2yr fixed rate runs out on 31 July 2008 (although the mortgage started on 25 aug 2006!) and i am trying to figure out what to do. all advice gratefully received!!
my 2yr fixed was at 4.94% with alliance and leicester, repayments of £454 per month.
i called them about it this evening and their advisor told me that i am due to roll over on to their variable rate of 7.19%, meaning monthly repayments of £602.45.
i enquired about a tracker and was offered their +1.49% rate with a fee of 2% (£1,873) to be added on to my mortgage. this would mean repayments of £566.63 per month, but the fee would not be recouped over a 2yr period - therefore the variable would be better.
i am reluctant to fix again because i am considering putting my flat on the market soon, as am likely to be moving jobs. a&l's current fixed rate would be 6.74% with a fee of £1,873 and a potential ERC of £3,000. i am unsure as to whether i would buy again straight away, so although the mortgage would be portable, i dont think its worth the risk of the £3,000 hit.
all 3 offers have a redemption fee of £295.
all of a&l's offers are based on a LTV greater than 75%. (my ltv is about 85%).
i have also called hsbc regarding their rate-matcher and am awaiting a call-back over the next few days. however the rate-matcher is only for LTV of less than 80% so i'm not sure what they would offer me. however, the guy on the phone did mention that they have better offers for hsbc customers (up to 95% LTV) - so i'm not sure if having my bank account with first direct will help at all!!
hope that all makes some sense. any advice at all??
karie
my current 2yr fixed rate runs out on 31 July 2008 (although the mortgage started on 25 aug 2006!) and i am trying to figure out what to do. all advice gratefully received!!
my 2yr fixed was at 4.94% with alliance and leicester, repayments of £454 per month.
i called them about it this evening and their advisor told me that i am due to roll over on to their variable rate of 7.19%, meaning monthly repayments of £602.45.
i enquired about a tracker and was offered their +1.49% rate with a fee of 2% (£1,873) to be added on to my mortgage. this would mean repayments of £566.63 per month, but the fee would not be recouped over a 2yr period - therefore the variable would be better.
i am reluctant to fix again because i am considering putting my flat on the market soon, as am likely to be moving jobs. a&l's current fixed rate would be 6.74% with a fee of £1,873 and a potential ERC of £3,000. i am unsure as to whether i would buy again straight away, so although the mortgage would be portable, i dont think its worth the risk of the £3,000 hit.
all 3 offers have a redemption fee of £295.
all of a&l's offers are based on a LTV greater than 75%. (my ltv is about 85%).
i have also called hsbc regarding their rate-matcher and am awaiting a call-back over the next few days. however the rate-matcher is only for LTV of less than 80% so i'm not sure what they would offer me. however, the guy on the phone did mention that they have better offers for hsbc customers (up to 95% LTV) - so i'm not sure if having my bank account with first direct will help at all!!
hope that all makes some sense. any advice at all??
karie
0
Comments
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HSBC only offer RateMatcher to 80% LTV and doesn't seem appropriate anyway given your reluctance to fix. Additionally you'll find the rates are fairly high.
All their rates are availble on the website if you want to save yourself some time.
Personally I think their lifetime tracker (.99% above base, no fees, no ERCs) is a very good value product at the moment.0
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