Mortgage Advice Sought.....Please

Tweendecker

Hi all,
I would be grateful for advise on renewing the repayment element of my mortgage(£11000 approx) the present deal is due to end in February 2009
This is roughly 20% of my overall loan, the majority of which is covered (or not)by an endowment policy.
The mortgage is due to finish completely in February 2011 therefore I'm looking to borrow the money for 2 years.
Throuhout the entire period of my mortgage,I have always borrowed from the same lender. Like many people, I feel that I am not valued as a loyal customer and therefore, albeit late in the day I have decided to see what is available to me on the open market. As I have heard that with the present credit squeeze building societies are charging exorbitant set up fees on mortgages.
The value of my property is approximately £210,0000
I look forward to hearing from you.
Many thanks
Tweendecker

UK007BullDog

How much is your complete mortgage? The interest only part?
This is vital as a small mortgage dont bother looking and stay put chosing the lowest fees product. Will be cheaper in the long run than to shift, specially as you are nearly done. But one has to see what the whole mortgage is. I take it that the interest only part is also due in Feb?

Which lender are you with now?

Its a bit early to be looking now. I suggest to start looking in December.

Tweendecker

Hello again,
My Mortgage is with the Abbey.
Interest only element is £60,000-00.This deal runs through to the end of the mortgage in 2011
I look forward to hearing from you.
Thanks again

jill2002

Contact Abbey for a new deal on your £11,000. I would doubt, however, if it will be worth taking a new deal due to the huge fees. The rest of your mortgage will probably have an Early Repayment Charge, so would not be cost effective to move the whole mortgage. I hate to say it but it will probably be cheaper to stay on the Standard Variable Rate on the £11,000.

dimbo61

if you have to stay with abbey due to ERC on the main part of your
interest only mortgage could you overpay on the repayment part IF you
are paying a higher rate of interest and try and reduce the amount owed
as quickly as possible.
If you are on there SVR it male sence to clear that part of the mortgage first
Check if a loan over 2 years would work out cheaper !
GOOD LUCK