re-mortgage advice appreciated thanks

[natalielongstaff]

dh and i are thinking of switching our variable rate to a fixed rate, we have an appt with nationwide our current lender to discuss this but we have been with them since being a first time buyer and have no ideas on other lenders so how best to we approach our search for a great fixed rate deal
thanks

 

[gillrogers]

Hi

we have had different mortgages over the past 15 years and 2 years ago we remortgaged with the Nationwide and they have been really helpful. I wouldn't hesitate in remortgaging with them, they always offer a good deal.To be sure it might be worth lokking some up on the internet, if you put mortgages in a search engine there are a few sites that will show you the best offers available on the market.
A fixed rate sounds a good idea, we have had one for the last 2 years and its nice to know what you are paying out.

good luck

Gill

 

[Tron[ADS]]

Its apparantly not the best time to get a fixed rate mortgage now, although with rates expected to keep climbing, I cant see why not.

However moving your mortgage is pretty simple, so dont let the thought of it put you off.

Have a look at the daily mail's financial web site, you can put in your details and it will list all the major lenders offers, based on your selection criteria.

The url is www.thisismoney.co.uk

Theres a few other sites that link to the same checker.

We user it last November and got ourselves a £64k fixed rate of 1.89% for 4 years that also had £750 cashback (which paid for fees and sundries). The negative side of that deal is that we are tied to base rate with them for 4 years, but while its on this low rate, im making between £200-£300 overpayments to them each month so I can really get the capital down, ready for my return to base rate in 18 months.

I think that you will be lucky to get much below 5% now though....we just got it at a perfect time.

 

[SidB]

We've got a reduced rate base rate tracker with the Alliance and Leicester. We'be been paying below the base rate for at least a year and are not tied into anything. When our reduced rate period ends we're going back to ask them to put us back on one of their deals. If they say no, we're moving the mortgage to another lender. I'd never go back to a "normal" mortgaga, if they exist anymore. If you can overpay go flexible. The big things to look out for are tie in periods (never agree to this) and penalties for early redemption. It all depends on your circumstances, but if you can afford it, overpay. We now use the mortgage as a savings account too. We've built us such a good amount that we are looking to buy a car for the wife outright. Don't just jump at the mortgage with the lowest headline rate.

 

[Fantasia Sam]

We're just about to switch to a Current Account Mortgage - My understanding of this type of mortgage is that it offsets our savings against our mortgage thus saving us a lot of money in interest over the years and helps us to pay off our mortgage quicker.

We looked at flexible too and were considering that as an option.

The sooner we pay off our mortgage the better in my book.

 

[peter r]

Hi

This is an excellent calculator for finding the best deals out there:

Charcol online

I've just remortgaged with a 5 years fixed rate with the Nationwide so definitely worth talking to them but as you are an existing customer you may not get the same deals as a new customer would. Its therefore definitely worth talking to others to see what they offer new customers as these are often better rates.

HTH
Peter

 

[natalielongstaff]

thanks i will do some more research now!!

 

[Goofyish]

I found Deborah Moreton at the Hinckley branch of Nationwide very nice and very helpful

 

[natalielongstaff]

do you know im beginning to think we have a parellel life or something tim!! spooky i dont know deborah her name doesnt ring a bell, but i do find them all a helpful bunch

btw whats happening with your leak

 

[natalielongstaff]

doh sorry was thinking of how cute your dog was when i wrote that sorry

i used to work as a veterinary nurse b4 i got married