Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Liam21
    • By Liam21 9th Feb 18, 10:07 AM
    • 14Posts
    • 0Thanks
    Liam21
    Daft remortgaging question
    • #1
    • 9th Feb 18, 10:07 AM
    Daft remortgaging question 9th Feb 18 at 10:07 AM
    It's the first time I've ever had to remortgage so please bear with me....

    My 2 yr fixed rate mortgage on my flat is coming to an end - my bank has given me two offers; another 2 yr fixed rate which will cost about £25 less per month; or a 5yr fixed rate which will cost about £50 more per month.

    I know mortgage rates are expected to rise so there is a certain logic in fixing for longer; but its only complicated by the fact that within the next 2 years my partner and I are likely to buy somewhere bigger together (selling the current flat). I have checked with the bank and the mortgage is 'portable' to the new property.

    So as I see it my options are...

    1. Go for the 2 year deal: benefits are slightly more money in my pocket each month and flexibility of shopping round for a new deal when we do buy together; downside is rates are likely to be higher by then

    2. Go for the 5 year deal: benefits are keeping the current rate on a chunk of our mortgage on a new place (which i'm presuming will be cheaper than anything available then); downside is slightly more expenditure each month and tied into the same lender.

    Any thoughts?
Page 1
    • getmore4less
    • By getmore4less 9th Feb 18, 11:26 AM
    • 32,035 Posts
    • 19,222 Thanks
    getmore4less
    • #2
    • 9th Feb 18, 11:26 AM
    • #2
    • 9th Feb 18, 11:26 AM
    you need to give some numbers the £pm is useless for comparing

    Key things will be things like the level of borrowing, LTVs and the rates on offer now and possibly in 2 years.


    if really worried about rate rises why not move now and secure those low rates on all the money rather than just a bit of it?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,092Posts Today

6,947Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin