myzeneye Posted January 10, 2009 Report Share Posted January 10, 2009 guys, my fixed rate mortgage is due to run out in feb..... whats my best option for renewal ? any martin lewis types on here ? interest rates have dropped but the banks are still playing hard to get, so if any one can offer any advice, please speak up ! cheers folks...... Quote Link to comment Share on other sites More sharing options...
MM Posted January 10, 2009 Report Share Posted January 10, 2009 see my wife. Quote Link to comment Share on other sites More sharing options...
Andy W Posted January 10, 2009 Report Share Posted January 10, 2009 When my fixed expired some years ago I rang my building society (the Britannia) to see what they could offer, they had loads of different ones on offer, I am currently on a tracker rate, dont be afraid to if necessary move your mortgage to another lender if necessary but check if there are any set up or cancellation fees involved. PS Now is a very cheap time to borrow money if you want that extension, conservatory or double garage/workshop. Quote Link to comment Share on other sites More sharing options...
jonnyoftheboy Posted January 10, 2009 Report Share Posted January 10, 2009 is a toughie.... cos you need to know WHO is lending. As you would know..... very best deals only open to those who are looking from 60-65% LTV downwards (& in a falling market..... & with all of a sudden very cautious surveyors/valuers.... peoples LTV's are increasing daily) Abbey were increasing market share over the past 6 mths... & WERE doing some good trackers.... not sure now as deals were being pulled daily. I am not a mortgage advisor... so am not 100% uptodate..... but have had over a dozen mortgages in last 15 yrs. If you can find a tracker at present, make sure it tracks BOE rate & not LIBOR.... as a lot of the sneeky banks have now changed to tracking LIBOR (which is currently higher & falling slower..... profit margins heh?) Also, as has been played out in the news/newspapers.... check who has a collar & who doesn't (ie. does not have a default rate that they will not let your mortgage fall below). Poor ones are Halifax, Nationwide, & some of the smaller societies. Last time I looked, Abbey & C&G did not have collars (in fact some people got a cracking deal with the C&G about 12-18 mths ago that tracks BOE rate -0.5% or something - when rates were on way up - so if rates hit 0%, C&G would have to pay them interest to have a mortgage! which they have already said they would not do.... so some people are getting ready for a fight in court!) you may be well aware of all of above.... if so sorry. Otherwise, hope it helps. Quote Link to comment Share on other sites More sharing options...
GJUK Posted January 10, 2009 Report Share Posted January 10, 2009 guys, my fixed rate mortgage is due to run out in feb..... whats my best option for renewal ? any martin lewis types on here ? interest rates have dropped but the banks are still playing hard to get, so if any one can offer any advice, please speak up ! cheers folks...... When your fixed rate finishes, you may find it automatically drop to a better deal than you could get on the highstreet. In fact, it probably will. Unless you have a 70% or less mortgage you will find it hard to get a good deal now. Quote Link to comment Share on other sites More sharing options...
myzeneye Posted January 10, 2009 Author Report Share Posted January 10, 2009 cheers guys,,, my mortgage is around 35-40% i think ? ill get on the blower...well, ill get her indoors on the blower any hoo.... (cheers for the offer of a lend of your missus martin,....) Quote Link to comment Share on other sites More sharing options...
Gordon2008 Posted January 10, 2009 Report Share Posted January 10, 2009 just my opinion but i believe that your renewal fees etc cost you at least what you would have paid over the period of a variable. banks are robbing swines and no matter how they dress things up you have to pay at sometime. Quote Link to comment Share on other sites More sharing options...
GJUK Posted January 10, 2009 Report Share Posted January 10, 2009 cheers guys,,, my mortgage is around 35-40% i think ?ill get on the blower...well, ill get her indoors on the blower any hoo.... (cheers for the offer of a lend of your missus martin,....) When you mortage expires, it should reset to a % above base rate (most do). Check this 1st before you get a 'better mortage'... J Quote Link to comment Share on other sites More sharing options...
MM Posted January 10, 2009 Report Share Posted January 10, 2009 cheers guys,,, my mortgage is around 35-40% i think ?ill get on the blower...well, ill get her indoors on the blower any hoo.... (cheers for the offer of a lend of your missus martin,....) any time Quote Link to comment Share on other sites More sharing options...
tweedledee Posted January 10, 2009 Report Share Posted January 10, 2009 guys i would advise to borrow only what you need no matter how cheap money is it has to be paid back.it`s this attitude that has got a lot of folk into big trouble financially Quote Link to comment Share on other sites More sharing options...
GJUK Posted January 10, 2009 Report Share Posted January 10, 2009 guys i would advise to borrow only what you need no matter how cheap money is it has to be paid back.it`s this attitude that has got a lot of folk into big trouble financially I agree. Thats common sense though. Most people who live in the UK don't have that. Quote Link to comment Share on other sites More sharing options...
humperdingle Posted January 10, 2009 Report Share Posted January 10, 2009 Thanks the lord this forum seems much more sensible than certain other shooting forums... I remember a topic like this cropped up, and a couple of self-professed "experts" went on, and on, and on about the illegalities of giving unqualified financial "advice". Nice to see freedom of speech here! Quote Link to comment Share on other sites More sharing options...
myzeneye Posted January 10, 2009 Author Report Share Posted January 10, 2009 well, cheers for the "expert advice " guys... as my mortgage is pretty low,35%, and i can see light at the end of a bloody long tunnel, so theres not a chance on earth ill be borrowing any more.... as for common sense, well, with exception to my mortgage, i dont owe any one a penny. if you aint got it, dont spend it. thats my motto. i was brought up that way and taught to appreciate everything i have grafted blood for. and i do. i have friends and neighbours who drive round in cars they dont own and sadly, thats the way alot of folk live these days....beyond their means.......... any way, rant over, sorry..... Quote Link to comment Share on other sites More sharing options...
jonnyoftheboy Posted January 11, 2009 Report Share Posted January 11, 2009 myzeneye..... was a couple of articles in yesterdays telegraph ref. who has a collar on their mortgages & who doesn't. also, an ad in there from first direct (part of hsbc I think... who do not have a collar).... which had a tracker of BOE + 1.89% & a reasonable fee, & was an offset mortgage... where any savings you have with the bank offset against your mortgage & reduce your payments.... did not say max. LTV I am not advising (& have no links to hsbc, etc).... but thought that didn't look to shabby.... maybe worth some further investigation. I have a similar mortgage with a different lender... & I have found it pretty good. Quote Link to comment Share on other sites More sharing options...
lord_seagrave Posted January 12, 2009 Report Share Posted January 12, 2009 My advice, for what it's worth, is talk to the mortgage specialist at your bank, sooner rather than later, and ask them what they advise. I've had nothing but balanced advice from the mortgage lady at my bank - I guess it depends how human your adviser is... LS Quote Link to comment Share on other sites More sharing options...
al4x Posted January 12, 2009 Report Share Posted January 12, 2009 I'd go with Lord Seagrave and also post a word of caution on tracker mortgages, they were worth having but the banks aren't stupid you can't get cheap ones any more, at close to 2% above base you really do open yourself to big increases once the rates start to go up. Having said that I love my one at the moment but it is only .24 above base, means I'm paying less than half what I was last year which is rather helpfull. First move is to see what your bank / existing lender will offer paying particular attention to application and redemption fees. You may not be looking to move but if you had to you don't want to be paying the bank thousands. In many cases letting your mortgage continue onto your lenders standard variable rate will now see your payments go down and you don't have any fees to go with it Quote Link to comment Share on other sites More sharing options...
Dr W Posted January 12, 2009 Report Share Posted January 12, 2009 That's exactly what I've done, had a fixed 5 year mortgage at 5.09% which finished last week and have now moved onto standard variable which is £50 a month cheaper at the moment. I'm going to wait a few months and see what fixed deals are on offer and move onto one of them. Quote Link to comment Share on other sites More sharing options...
GJUK Posted January 12, 2009 Report Share Posted January 12, 2009 I'm paying almost half what I was 1.5 year ago, thanks to the rate drop. when things look to increase im going to probably jump on to a fixed rate for a few years, then hop off when things go bad again. Its good fun Quote Link to comment Share on other sites More sharing options...
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