FabSwingers.com forum: mortgage renewal

By *riskygaz OP Man
over a year ago

birmingham

Typical my 5 year fixed rate mortgage is up in November. i am guessing the bank probably charge a higher interest rate on a fixed rate mortgage, so with mine only being around £29,500 left to pay in November would i be better off with a tracker mortgage on renewal ? i did have the ability to make extra lump sum payments on this mortgage i would like to keep that on the new one.

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By *bi HaiveMan
Forum Mod
over a year ago

Cheeseville, Somerset

"Typical my 5 year fixed rate mortgage is up in November. i am guessing the bank probably charge a higher interest rate on a fixed rate mortgage, so with mine only being around £29,500 left to pay in November would i be better off with a tracker mortgage on renewal ? i did have the ability to make extra lump sum payments on this mortgage i would like to keep that on the new one."

Well......

You could take the advice of a random stranger on a swingers site who may claim to have experience in the mortgage market (but may be a retired plumber from Scunthorpe) or, and this is just a crazy, whacky idea I've had......

Ask a mortgage advisor at your bank, a broker or just browse Martin Lewis's website for impartial advice.

Me? I'd probably fix now before rates get any higher. They will.

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By *rayheresnowMan
over a year ago

Cardiff

With interest rates starting to rise again another 1/2% today look around for a fixed rate maybe a three year one. Go from there after that. ? But that's what I would do you know how much a month you will be paying.

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By *rayheresnowMan
over a year ago

Cardiff

With interest rates starting to rise again another 1/2% today look around for a fixed rate maybe a three year one. Go from there after that. ? But that's what I would do you no how much a month you will be paying.

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By (user no longer on site)
over a year ago

Be quick is my advice. Interest rates only going one way

My personal not a professional view is that of suspicion. 5 year fixed rates are inline or less than 2 years. Why would a bank do that? Capitalise on panic buying with a forecast that interest rates will fall in a few years but this on 5 year are locked in with early payment charges.

Get pro adv us but I’d be looking at 2 or 3 year fixed with lowest exit clause possible

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound

I'd fix now, and not wait until November. Shop around for a fix.

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By (user no longer on site)
over a year ago

With inflation set to continue to rise, it doesn't take a genius to work out that rates are set to rise further still.

He will have the option to select a 'product transfer' 3 months before the old one expires.

He could re-mortgage to a different provider, now, if they are offering a cheaper product than his current lender, but will have early repayment charges to pay on his existing, BUT new mortgage offers have a use by date of around 6 months (it varies from one lender to another), so could do it now and not have it start until the old product expires.

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By *om and JennieCouple
over a year ago

Chams or Socials

You can secure a new deal 3 months before current one runs out so crack on!!

J x

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By *agneto.Man
over a year ago

Bham

I'd call them up now and see what they can do. You don't have to wait.

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By (user no longer on site)
over a year ago

Turn it off & then on again

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