Fixed rate mortgage ending in January?
Posted by admin | Under Fixed Rate Mortgage Monday Nov 17, 2008Hi, I was wondering if anyone could provide me with a bit of advice. My partner and I will have been in our first bought property for two years this coming january. Our fixed rate mortgage will be up then adn the rate is going to go substantially higher than we are paying right now. What is the best way to go about finding a better rate from another company and what does it all involve? Do we have to pay another company to take us on?Thanks in advance!
Just like to add that we are in Scotland.
I remortgage every 2 years to get a better fixed rate deal. If you go into your local mortgage advice company they will talk you through it. Try the estate agents Connells, as they have independant mortgage consultants in each of their offices.
Each time I remortgage, it costs about £200 for the fees. Which works out a lot cheaper than the higher interest rates that I would have paid. That £200 just gets added to the mortgage.
I remortgage every 2 years to get a better fixed rate deal. If you go into your local mortgage advice company they will talk you through it. Try the estate agents Connells, as they have independant mortgage consultants in each of their offices.
Each time I remortgage, it costs about £200 for the fees. Which works out a lot cheaper than the higher interest rates that I would have paid. That £200 just gets added to the mortgage.
References :
Look on http://www.moneysupermarket.com or contact a broker, you will have to pay a fee for a new fix, this can be anything from £200 to about £2000, it depends on how good the rate is.
In any case you can expect to pay substantially more than now, even if rates don't increase further later in the year, which they will.
References :
Mortgage lenders are falling over themselves to get the business, so you should definately shop around as there are some good offers, with free legal fee's/valautions ect.
Compare the APR's to make sure you are getting a good deal and always check the conditions on what happens after you have come to the end of a fixed rate - as altho you may get a fixed rate for say 2 years, you could find yourself tied in at the standard variable for maybe another 3 years.
The mail on Sunday has a chart that gives a good comparision of the current deals…………….
You will almost always find that your current lender rarely rewards you for staying with them, so shop around before committing
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You can move to another fixed rate mortgage but you will get charged admin fees, these vary on the lender.
You could also speak to an IFA (Independant Financial Advisor), they have access to all the mortgage deals their service is free as they get their payment from the mortgage company if they recommend anyone.
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you should definitly shop around the different lenders to compare closing costs and rate.
References :
http://www.WeLoan.us