remortgage at end of fixed term advise please "first time"
Discussion
just finished a 5 year fixed with loyal bank of Scotland on a 5.89 % owing 160000 and now have some choices
we now have 90 ltv owing 144,160 over 25 years
if i go onto their variable rate that's 4 %
if i go back into a fixed with them they want 6.29 %
other options seem
chel sea want
3.94 2 year fixed fee 745
4.39 5 year fixed fee 1545
yb s
3.99 2 year fixed fee 345
4.49 5 year fixed fee 845
the two above quotes are not letting us because they state we can only borrow 120k not looking good
obviously i can work out which ones are better but if i change from my current lender what fees am i likely to incur? as this is the first time iv,e had to do this and internet search's are bringing up a blank
how much roughly does survey/ valuation cost?
in general how much are the legal fees?
and i am guessing in most normal cases these would be most of the costs and there wouldn't be any more involved ?
and in my situation changing my deal would give me the best (cheapest possible outcome)
if there are any brokers / mortgage advisers that wish to offer their services and show me whats on offer that would also me much obliged
thanks in advance
we now have 90 ltv owing 144,160 over 25 years
if i go onto their variable rate that's 4 %
if i go back into a fixed with them they want 6.29 %
other options seem
chel sea want
3.94 2 year fixed fee 745
4.39 5 year fixed fee 1545
yb s
3.99 2 year fixed fee 345
4.49 5 year fixed fee 845
the two above quotes are not letting us because they state we can only borrow 120k not looking good
obviously i can work out which ones are better but if i change from my current lender what fees am i likely to incur? as this is the first time iv,e had to do this and internet search's are bringing up a blank
how much roughly does survey/ valuation cost?
in general how much are the legal fees?
and i am guessing in most normal cases these would be most of the costs and there wouldn't be any more involved ?
and in my situation changing my deal would give me the best (cheapest possible outcome)
if there are any brokers / mortgage advisers that wish to offer their services and show me whats on offer that would also me much obliged
thanks in advance
Edited by max1342 on Thursday 21st March 19:06
Matt_N said:
I guess borrowing 4x joint income and 90% LTV is never going to secure you a very good deal, but 6.29% takes the biscuit!
Got any local brokers that you could make an appointment with, must be some better deals than that out there for you.
There are some decent deals at 4x income but the OP needs more than 4x income which narrows the selection down considerably at 90% LTV.......Got any local brokers that you could make an appointment with, must be some better deals than that out there for you.
"we now have 90 ltv owing 144,160 over 25 years
if i go onto their variable rate that's 4 % "
Taking into account your circumstances , staying on this for the time being dose not feel like a bad option,
I'd make sure you don't rush into anything, due to LTV and salary multiple required chances are you will be offered high rates probably with significant arrangement fees.
I assume moving on to your lenders variable rate requires no fees, valuations etc and no commitment.
if i go onto their variable rate that's 4 % "
Taking into account your circumstances , staying on this for the time being dose not feel like a bad option,
I'd make sure you don't rush into anything, due to LTV and salary multiple required chances are you will be offered high rates probably with significant arrangement fees.
I assume moving on to your lenders variable rate requires no fees, valuations etc and no commitment.
purchase price was 160,000 in 2008 and no no second valuation.
when we purchased the house I was on 25000 per year but now ive had to take a huge pay cut down to 19700 not through choice and was unforseen.
we bought at 95% i no that's not great but we wanted on the ladder.
and no , no fees , valuations , ect as far as im aware if we revert to are lenders standard variable rate .
the advise i seem to be getting is to go onto the standard variable rate and over pay as much as i can to get the ltv down whilst rates are low as any other fixed option is going to cost loads, and this seems like very good advise.
no one nos what the markets going to do but aslong as it stays below 8-9 % i should be able to cope
thanks to everyone for their advise and thanks to sarnie for the informative message
does any one have any predictions for the base rate for the next 5 years do most people have the feeling it will stay low for a while yet? most places, like this is money ect seem to think so
when we purchased the house I was on 25000 per year but now ive had to take a huge pay cut down to 19700 not through choice and was unforseen.
we bought at 95% i no that's not great but we wanted on the ladder.
and no , no fees , valuations , ect as far as im aware if we revert to are lenders standard variable rate .
the advise i seem to be getting is to go onto the standard variable rate and over pay as much as i can to get the ltv down whilst rates are low as any other fixed option is going to cost loads, and this seems like very good advise.
no one nos what the markets going to do but aslong as it stays below 8-9 % i should be able to cope
thanks to everyone for their advise and thanks to sarnie for the informative message
does any one have any predictions for the base rate for the next 5 years do most people have the feeling it will stay low for a while yet? most places, like this is money ect seem to think so
Edited by max1342 on Saturday 23 March 11:15
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