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Ben G

Member

Registered: 12th Jan 07
Location: Essex
User status: Offline

12th Apr 13 at 13:58

first time i'll be doing this so not 100% sure of what it entails.

our current mortgage is on a 3 year fixed rate deal which is currently 6.39%

it currently says this:

Mortgage type: [?] Fixed Rate mortgage until 30 Jun 2013.

so i'll need to get a new mortgage set up beginning 1st july?

also, would it be best to get a tracker or fixed rate? we currently have about 35k equity in the property, which is worth approx 190k.

Rob_Corsa

Member

Registered: 4th Apr 02
Location: Derbyshire
User status: Offline

12th Apr 13 at 14:30

if you dont set up a new mortgage the one you have now should just revert to their vairiable rate. Mine dropped from 5.18% to 2.5%.

Recaro1

Member

Registered: 25th Mar 02
User status: Offline

20th Apr 13 at 19:56

quote:
Originally posted by Rob_Corsa
if you dont set up a new mortgage the one you have now should just revert to their vairiable rate. Mine dropped from 5.18% to 2.5%.

same. Mine is 2% plus the base rate. saved me £300 a month

Cavey

Member

Registered: 11th Nov 02
Location: Derby
User status: Offline

21st Apr 13 at 19:04

Yeah it'll drop to their variable rate, which you will need to check what it is, could end up being more than a new fixed rate deal would be

Did they not send you a list of their current deals and which they recommend for you?

We got our renewal through, and they advertised a few different deals, went for another 2 years fixed, but it went from 5.59 to 3.09%

I doubt interest rates will rise in the next 2 years, but they won't get much lower either

Daniel_Corsa

Premium Member

Registered: 21st Apr 04
Location: Wigton, Cumbria
User status: Offline

21st Apr 13 at 19:28

See what % you'll be paying after fixed rate ends, usually base rate + X%

Ring your current lender, get a redemption fee. This may currently have an early repayment figure included, should state in your contract how much. Take that off that's roughly what you will owe when current deal expires.

Take that off the £190k value for LTV and check rates for that with other lenders, probably get a better rate than your current lender but depends if wanting security of fixed rate or not.

What house is worth to how much redemption figure you need to pay. Work out the LTV and look at current deals.

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Toby

Premium Member

Registered: 29th Nov 05
User status: Offline

21st Apr 13 at 19:51

quote:
Originally posted by Recaro1

quote:
Originally posted by Rob_Corsa
if you dont set up a new mortgage the one you have now should just revert to their vairiable rate. Mine dropped from 5.18% to 2.5%.

same. Mine is 2% plus the base rate. saved me £300 a month

As did mine, dropped from 5.89% to 2.5%, shaved off £205 a month of pure interest

John

Member

Registered: 30th Jun 03
User status: Offline

21st Apr 13 at 20:39

Don't assume it'll drop to a good rate. Mine drops a tiny bit, not got it to hand but it's only .3 or .4% to either just under or just over 4%.

whitter45

Member

Registered: 15th Nov 02
Location: Norton
User status: Offline

21st Apr 13 at 20:46

Normally most variables will be around 4% now due to how low interest rates are to keep fix rates appealing to people coming out of fixed term rates

[Edited on 21-04-2013 by whitter45]

James

Member

Registered: 1st Jun 02
Location: Surrey
User status: Offline

22nd Apr 13 at 09:05

Which lenders have a variable of 2% or 2.5%?!

Mine is dropping to 4% variable from 5.69% fixed.

Rob_Quads

Member

Registered: 29th Mar 01
Location: southampton
User status: Offline

22nd Apr 13 at 09:46

Mine is also around 2.5%.

Many of them changed the terms 2/3/4 years ago when the crash happened so that it was base rate + 2% or something like that.

The lower standard variable rates were given out when the standard variables were often higher than the fixed rate thus people did not want to stay on them long.

whitter45

Member

Registered: 15th Nov 02
Location: Norton
User status: Offline

22nd Apr 13 at 09:50

quote:
Originally posted by James
Which lenders have a variable of 2% or 2.5%?!

Mine is dropping to 4% variable from 5.69% fixed.

exactly - will have been pre 2009 - thats what mine was anyway 2% above base. when we moved lasy year I ported the mortage at 2.5% but borrowed the additonal on a fixed at 3.99% as the variable rate was the same. Probably should have just gone for variable but wasn't sure at the time

Most coming out of fixed will be 4%

[Edited on 22-04-2013 by whitter45]

Ben G

Member

Registered: 12th Jan 07
Location: Essex
User status: Offline

22nd Apr 13 at 10:59

thanks everyone, just had a look on the halifax website and it says this:

quote:
The Halifax Standard Variable Rate - currently 3.99%

This is the rate you’ll move onto at the end of any mortgage deal you applied for before 4 January 2011, unless you decide to switch to a new deal instead (subject to eligibility) when your current one ends.
This is a rate managed and set by Halifax.
It’s a variable rate, so your payments can go up and down.

so it'll go down from 6.35% to 3.99% which will save me quite a bit of money. all i'm worried about is whether they'll put it up quickly?

Rob_Quads

Member

Registered: 29th Mar 01
Location: southampton
User status: Offline

22nd Apr 13 at 12:55

Its any ones guess but with the climate the way it is I can't see it happening for a few years. Main reason why I am just staying put as I can't get a fixed on a similar rate and the ones that are slightly more then drop to a value way above what I am currently on.

whitter45

Member

Registered: 15th Nov 02
Location: Norton
User status: Offline

22nd Apr 13 at 14:12

quote:
Originally posted by Ben G
thanks everyone, just had a look on the halifax website and it says this:

quote:
The Halifax Standard Variable Rate - currently 3.99%

This is the rate you’ll move onto at the end of any mortgage deal you applied for before 4 January 2011, unless you decide to switch to a new deal instead (subject to eligibility) when your current one ends.
This is a rate managed and set by Halifax.
It’s a variable rate, so your payments can go up and down.

so it'll go down from 6.35% to 3.99% which will save me quite a bit of money. all i'm worried about is whether they'll put it up quickly?

if you can afford it keep paying the difference as it work out better in the long run

Rob_Corsa

Member

Registered: 4th Apr 02
Location: Derbyshire
User status: Offline

22nd Apr 13 at 18:49

quote:
Originally posted by James
Which lenders have a variable of 2% or 2.5%?!

Mine is dropping to 4% variable from 5.69% fixed.

Mines with nationwide;

http://www.nationwide.co.uk/mortgages/interestrates-types/standard-basemortgagerate.htm

dannymccann

Member

Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline

23rd Apr 13 at 06:59

quote:
Originally posted by whitter45

quote:
Originally posted by Ben G
thanks everyone, just had a look on the halifax website and it says this:

quote:
The Halifax Standard Variable Rate - currently 3.99%

This is the rate you’ll move onto at the end of any mortgage deal you applied for before 4 January 2011, unless you decide to switch to a new deal instead (subject to eligibility) when your current one ends.
This is a rate managed and set by Halifax.
It’s a variable rate, so your payments can go up and down.

so it'll go down from 6.35% to 3.99% which will save me quite a bit of money. all i'm worried about is whether they'll put it up quickly?

if you can afford it keep paying the difference as it work out better in the long run

+1 This is what I'm doing. Came onto Halifax SVR from fixed a year ago (5.79% to 3.99%). If they decide to up the rate they do it in writing so you will know it's going up and can find a better mortgage. I know with Halifax once you are on SVR you are free to make as many and much overpayment as possible, and interest is calculated daily FWIW

dannymccann

Member

Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline

23rd Apr 13 at 06:59

quote:
Originally posted by Rob_Corsa

quote:
Originally posted by James
Which lenders have a variable of 2% or 2.5%?!

Mine is dropping to 4% variable from 5.69% fixed.

Mines with nationwide;

http://www.nationwide.co.uk/mortgages/interestrates-types/standard-basemortgagerate.htm

You are extremely lucky then! Wish I had that deal

Toby

Premium Member

Registered: 29th Nov 05
User status: Offline

23rd Apr 13 at 13:46

quote:
Originally posted by dannymccann

quote:
Originally posted by Rob_Corsa

quote:
Originally posted by James
Which lenders have a variable of 2% or 2.5%?!

Mine is dropping to 4% variable from 5.69% fixed.

Mines with nationwide;

http://www.nationwide.co.uk/mortgages/interestrates-types/standard-basemortgagerate.htm

You are extremely lucky then! Wish I had that deal

As is mine. Got lucky, if it had been a couple of weeks later, would have dropped onto their SMR rate which is 3.5% above base.

I have since borrowed more money on another product which is 4.6% variable with no fee's and no redemption, so to drop to 4% is about right.

edit: as per the link.

[Edited on 23-04-2013 by Toby]

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

23rd Apr 13 at 14:00

Not wishing to piss on anyone's chips but mine dropped to .59% above BOE base so I'm currently on 1.09%

Plus that just goes on forever so there's no setup fees every few years.

If you want to scare yourself have a read of this list

http://www.bankofengland.co.uk/boeapps/iadb/Repo.asp

I personally wouldn't fix, I think its a tax on scaremongering.

A2H GO

Member

Registered: 14th Sep 04
Location: Stoke
User status: Offline

23rd Apr 13 at 15:15

15%

dannymccann

Member

Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline

23rd Apr 13 at 19:27

Fuck that, not sure what I or the majority of the home owning population would do if rates went back to those sorts of highs again.

I've been researching again for remortgaging and now I'm considering offset products. The flexibility is very appealing to us and we have about 20% of our mortgage in ISA's at the moment which, according to calculators online, would shave off 4 and a bits years off a 25 year product....

Toby

Premium Member

Registered: 29th Nov 05
User status: Offline

23rd Apr 13 at 21:12

quote:
Originally posted by Ian
Not wishing to piss on anyone's chips but mine dropped to .59% above BOE base so I'm currently on 1.09%

Plus that just goes on forever so there's no setup fees every few years..

A friend of mine got a product with C&G got a base rate mortgage with no minimum cap like mine at 2% above when interest rates where realtivly high about 6 years ago. I'm sure his FA said that C&G pulled it off the market after a week when the cottoned on and put a 1.5% minimum cap on it. Hes currently paying .5% interest. the bastard.

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

24th Apr 13 at 20:15

quote:
Originally posted by dannymccann
Fuck that, not sure what I or the majority of the home owning population would do if rates went back to those sorts of highs again.

Sleep in cardboard, mostly. Which is why its not going to happen.

AndyKent

Member

Registered: 3rd Sep 05
User status: Offline

24th Apr 13 at 20:26

quote:
Originally posted by Ian
I personally wouldn't fix, I think its a tax on scaremongering.

Never say never, but this is my general view.

All those who've been pissing money away for years at 5%+ when rates should be rock bottom must be kicking themselves.

Nows the time to be remortgaging to the absolute lowest you can and keep out of any fixed length of time deal in preparation for them to go up again (be that 1 year - unlikely - or 5 years - likely).

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

24th Apr 13 at 20:34

Keep out of a fixed deal with a view to entering one later?

If you're going to fix at some point, there's some merit in doing it sooner rather than later.

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