mortgage renew

[kevburner]

hi all

im pretty lazy at sorting this out been on the varible rat for 7 years !

Your current rate:
Halifax Homeowner Variable Rate
3.99%

Current monthly payment amount
£964.63

Halifax have offererd me this, swapping deals online


You have 16 years 8 months left on your mortgage, with £141,278.00 plus interest still to pay. Your
Loan to Value (LTV)
is 37.93%.

5 Year Fixed

Initial fixed rate
1.94% until 31/07/2027

Yearly cost over fixed period
£9,909.72

Monthly payment amount
£825.81

Overall cost for comparison
2.80%
APRC

this seem reasonable before i push the button?

thxs all in advance for advice

[sumo69]

I recently transferred at the end of a 5 year fix with Santander to another 5 yr fix with them at 0.97% - one of the few times when I have got in at the right time as they have nothing less than 1.49% now!

OP - get off the variable rate - you have and will continue to waste your hard-earned if you don't!

[gangzoom]

kevburner said:

hi all

im pretty lazy at sorting this out been on the varible rat for 7 years !

Your current rate:
Halifax Homeowner Variable Rate
3.99%

I hope you don't mean you have been paying 3.99% for 7 years when rates of 2% and below have been available for your LTV......If so roughly you have given the bank an extra £17k of interest over the last 7 years for no good reason!!

[lufbramatt]

Worth talking to a broker. Just about to change my mortgage as at the end of a fixed rate and I’ve been offered 1.21% for a similar LTV.

[rossub]

People quoting rates they’ve been given need to state whether it’s with or without fees.

Sub 1.5% seems rather unlikely at the moment without a fee.

[okgo]

lufbramatt said:

Worth talking to a broker. Just about to change my mortgage as at the end of a fixed rate and I’ve been offered 1.21% for a similar LTV.

With who?

I saw nothing south of 1.8 this week.

OP you’re fking mad!

[kevburner]

yes i cant find nothing online for less than 1.7 and thats with fees

yes ive been mad for years!

[tighnamara]

Get it done ASAP, why did you sit on it from last summer ?

I would give Sarnie on here a shout and look at what is available to you.

Edited by tighnamara on Sunday 13th March 07:52

[Sarnie]

Seven years on the SVR??? Wow.......

Product transfer rates with the current lender usually are high that market leading rates because it's convenient.

Moving to a new lender request a bit more effort but would likely see you looking at cheaper rates.

[iambigred]

Coming to the end of my 2.29% 5yr fix. I went to see a broker yesterday, best they could find was 5/10 year fix was around 2.24% with £999 fee. 60% LTV. Found online that LLoyds bank are offering 1.86% on a 5/10 year fix with similar fee. Not sure why broker didn't come across that as an option, but I just applied myself online with Lloyds very straight forward and nearly at the final stage of the process within 24 hours.

I have a feeling BoE will rise the base rate tomorrow, so in my case I wanted to get as low a rate as possible locked in asap.

Edited by iambigred on Wednesday 16th March 09:36

[sumo69]

Sarnie said:

Product transfer rates with the current lender usually are high than market leading rates because it's convenient.

Your wrong as mine wasn't - Santander 0.97% was 4th best on the whole market and all I had to do was tick a box to say yes - no questions/forms/credit check.

[okgo]

He is right in my case. Natwest offered far worse than what was on market.

[Sarnie]

sumo69 said:

Your wrong as mine wasn't - Santander 0.97% was 4th best on the whole market and all I had to do was tick a box to say yes - no questions/forms/credit check.

I said "usually".

And 4th best is still higher that was available via other lenders.......

[gazapc]

kevburner said:

hi all

im pretty lazy at sorting this out been on the varible rat for 7 years !

Your current rate:
Halifax Homeowner Variable Rate
3.99%

Current monthly payment amount
£964.63

Halifax have offererd me this, swapping deals online


You have 16 years 8 months left on your mortgage, with £141,278.00 plus interest still to pay. Your
Loan to Value (LTV)
is 37.93%.

5 Year Fixed

Initial fixed rate
1.94% until 31/07/2027

Yearly cost over fixed period
£9,909.72

Monthly payment amount
£825.81

Overall cost for comparison
2.80%
APRC

this seem reasonable before i push the button?

thxs all in advance for advice

Although you may get a better deal elsewhere, from a convenience point of view (and highlighting you've been 'lazy' at sorting this out so might not be motivated to complete new applications etc...) it might make sense just to take this offer.


Bonkers though how will people will pay thousands in additional interest. I was annoyed when I had to do it for 2 months, let alone years.

[kevburner]

hi all , thxs for all your replies

i took the halifax offer , i know iknow some of you will say i could have done this or that, but in reality i probably would have left it like i have done for the last god know how many years , i also had 36k credit card debt from last year that ive now got down to 25k, managed to get a loan from 25k at 2.8% for 5 years as the intrest rate was killing me on the credit card , with the new mortgage and loan to pay off credit card , i,m £800 better off a month , and im working on paying the loan off in a year , so im happy ,

earn 80k + a year so really scary where all thats been going!!

all the debt was due to a motocross racing habbit for the last 8 years with my boy , would i change it , no way we had a great time , and great memories

thxs all

Edited by kevburner on Wednesday 16th March 17:23

[geeks]

sumo69 said:

Sarnie said:

Product transfer rates with the current lender usually are high than market leading rates because it's convenient.

Your wrong as mine wasn't - Santander 0.97% was 4th best on the whole market and all I had to do was tick a box to say yes - no questions/forms/credit check.

So..... he was right then?

[sumo69]

Sarnie said:

I said "usually".

And 4th best is still higher that was available via other lenders.......

By 2 basis points - 0 002% which was £30 approx per annum - no application forms, no credit check and 2 of the 3 others had a higher booking fee.

Oh and no broker fee to pay either,,,

[Sarnie]

sumo69 said:

By 2 basis points - 0 002% which was £30 approx per annum - no application forms, no credit check and 2 of the 3 others had a higher booking fee.

Oh and no broker fee to pay either,,,

So, I was right then.

[Arranguez]

I secured a deal today at just over 2% over 5 years with Virgin Money. Would never have gone for them normally but they will allow us to secure that rate 6 months out from our current deal ending. Santander (current) don’t seem to allow us to change before the absolutely last day of the term. Am quite pleased our broker sorted this for us about 4 hours ago and am gutted timing didn’t work out better for the 1.x% rates. Still, 2% is slightly less than we are paying now and is still very cheap.

[ClaphamGT3]

I'm hearing these rates and glad I fixed the mortgage we took out last Autumn at 0.75%