New Repayment Mortgage

leon222

Hello, please be gentle as this is my first ever post!

I need to change my mortgage within the next 3 months as my current deal is ending.
My balance will be appproximately £41,000 and I have 14 years left to pay off the mortgage.
My current provider has offered me a deal which would see me paying £362 per month, fixed for 3 years with an arangement fee of £499.

The rate is 6.15% for the first 3 years, which would then rise to 7.0% for the remainder of the term (11years).

Does anyone think this is a good deal?

Has anyone any ideas of better deals out there?

I would be grateful for any responses.
:eek:

_Andy_

Hi - I've no idea - you haven't mentioned what the interest rate is, etc.

beecher

My mortgage is more or less exactly the same which is a bit spooky. I take it the interest rate is about 6.09% from what you've said as I've been trying to keep track of mortgage rates for my own. I'd be tempted to go for it - with such a low mortgage it isn't really worth paying fees to move elsewhere in my opinion.

leon222

Just edited my original thread, yes my rate is 6.15% for the initial 3 years which then rises to 7.0% after that.

Thanks for taking the time to reply

beecher

So you've got a Halifax mortgage I think - same as me too!

If so have a look here

https://www.halifax.co.uk/mortgages/calculator/mortcal_main.asp?brand=halifax&app=borrow&direction=f&page=10&update=false&mi=borrow10

to see what you think of the 5 year deals or the trackers.

I would go for that 3 year deal out of the ones available just now though - hope something's similar when my deal ends in december.

leon222

Yes it is with the Halifax, also looked at trackers, but even the advisor was unsure about these in the current climate.

_Andy_

Sounds like a reasonable deal then especially given the relatively low size of your mortgage.

leon222

Thanks for that.
The replies I am getting are already beginning to help. From having no idea weather the deal was good or bad, I am getting good advice from people with far more knowledge in these matters than myself.

beecher

leon222 wrote: »

Yes it is with the Halifax, also looked at trackers, but even the advisor was unsure about these in the current climate.

yeah, I'm not keen on them myself and would go for that exact same deal just now if it wasn't for my ERC which I am too mean to pay out (and may end up regretting.....)

I see there's only one 5 year fix available now at £999 and 6.29% so I'd just go for it

edit: you'd be fixing til 31 October so it is a little bit more than 3 years

allan673

yes its a good deal, dont hang around though, grab it while you can.

have you thought about reducing the mortgage term from 14 to say 13 or 12 years too? be slightly more expensive but you will pay less interest and it will be paid off quicker.
that all depends on your personal circumstances though and is nothing to do with me, but its just a thought as you are remortgaging.
good luck !