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  • FIRST POST
    • ralphy1967
    • By ralphy1967 13th May 19, 4:30 PM
    • 22Posts
    • 2Thanks
    ralphy1967
    Mortgage advice please
    • #1
    • 13th May 19, 4:30 PM
    Mortgage advice please 13th May 19 at 4:30 PM
    A few queries I would like helped with please.


    Firstly my mortgage term runs out next month so I am looking to get the best deal, obviously. The issue is that I only want a one year deal because I am selling up and moving in with my girlfriend. So Santander have offered me a tracker but I have to pay a fee of 999!!!


    Is it worth me looking elsewhere or are the fees for switching providers normally around that figure or more?


    If I wasn't wanting a tracker I could get a fixed mortgage for two years but I would have to pay a penalty of 450 for leaving early, yes it is better than paying 999 but overall is it worth it.


    The tracker is 1.49% unfortunately I do not know the fixed percentage but the last two years it was 1.99%


    I am very nave and clueless on this mortgage palaver.


    Is it worth leaving and looking elsewhere and if not is it better to pay 999 for the tracker rather than fixed and ending up paying a fee


    Thanks in advance


    Martin
Page 1
    • MovingForwards
    • By MovingForwards 13th May 19, 5:21 PM
    • 2,380 Posts
    • 2,813 Thanks
    MovingForwards
    • #2
    • 13th May 19, 5:21 PM
    • #2
    • 13th May 19, 5:21 PM
    How much is their standard rate? It might work out the same if your definitely sell and move in a year.
    • financegeek
    • By financegeek 13th May 19, 5:56 PM
    • 135 Posts
    • 173 Thanks
    financegeek
    • #3
    • 13th May 19, 5:56 PM
    • #3
    • 13th May 19, 5:56 PM
    I'm in a similar situation and have switched to Nationwide as they have no set up fees, ERC's and give you 500.00 cashback on completion.

    I'm not saying they're the right lender for you, but definitely worth considering other products before you pay the fee!
    • ralphy1967
    • By ralphy1967 13th May 19, 6:36 PM
    • 22 Posts
    • 2 Thanks
    ralphy1967
    • #4
    • 13th May 19, 6:36 PM
    • #4
    • 13th May 19, 6:36 PM
    Thanks for both replies I will look into both your advices and hopefully come out with a good result. If I do switch would I not be in the same boat where I will have to pay a fee as its only for a year and would other lenders not bother with me as it is only a year that I want a mortgage for

    Cheers
    • Socajam
    • By Socajam 13th May 19, 6:55 PM
    • 502 Posts
    • 707 Thanks
    Socajam
    • #5
    • 13th May 19, 6:55 PM
    • #5
    • 13th May 19, 6:55 PM
    A few queries I would like helped with please.

    Firstly my mortgage term runs out next month so I am looking to get the best deal, obviously. The issue is that I only want a one year deal because I am selling up and moving in with my girlfriend. So Santander have offered me a tracker but I have to pay a fee of 999!!!

    Is it worth me looking elsewhere or are the fees for switching providers normally around that figure or more?
    If I wasn't wanting a tracker I could get a fixed mortgage for two years but I would have to pay a penalty of 450 for leaving early, yes it is better than paying 999 but overall is it worth it.

    The tracker is 1.49% unfortunately I do not know the fixed percentage but the last two years it was 1.99%

    I am very nave and clueless on this mortgage palaver.

    Is it worth leaving and looking elsewhere and if not is it better to pay 999 for the tracker rather than fixed and ending up paying a fee

    Thanks in advance
    Martin
    Originally posted by ralphy1967
    Does it even make financial sense to remortgage if you are planning on selling up and moving in with your girlfriend next year.
    What you need to do is sit down and work out the cost between getting a new fixed rate and non fixed rate.
    Also factor in the fee for getting the new fixed rate.
    Then add up how much mortgage you will pay for the next 12 months with either rates and see which is more realistic.
    • aussie in wales
    • By aussie in wales 13th May 19, 7:24 PM
    • 59 Posts
    • 43 Thanks
    aussie in wales
    • #6
    • 13th May 19, 7:24 PM
    • #6
    • 13th May 19, 7:24 PM
    As Socajam says is it worth getting a new deal?

    Santander's advertised SVR is currently 4.99% however if you call them and speak with them you should be able to get their fololw on rate which is currently 4%

    Perhaps do some calculations and see. I'm going with the follow on rate for 5 months as my mortgage had two parts and I want to be able to join them on a fixed rate when the other part runs out. It was an extra 11 per month for those 5 months for me so a total of 55 extra.
    • KT63
    • By KT63 13th May 19, 10:23 PM
    • 1 Posts
    • 0 Thanks
    KT63
    • #7
    • 13th May 19, 10:23 PM
    • #7
    • 13th May 19, 10:23 PM
    Have you considered securing a mortgage on a rate right now and porting it to a new house?
    • Verix
    • By Verix 14th May 19, 9:01 AM
    • 213 Posts
    • 98 Thanks
    Verix
    • #8
    • 14th May 19, 9:01 AM
    • #8
    • 14th May 19, 9:01 AM
    I would definitely look in to remortgaging to another lender as many will offer cashback to cover the legal costs of moving. Then you get a tracker with no early repayment charge to pay when you sell up.

    That said, from that ERC it looks like your mortgage is potentially quite small so the SVR might not end up costing you a great deal.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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