Re-mortgage Tips

[tinx]

I need to do a remortgage ASAP as my fixed rate is coming to an end at the end of the month, I registered for First direct about 2 weeks ago and they were supposed to call me back as they were offering a fixed rate at 5.29% over 5 years however they still haven't called back and now I notice they have stopped offering mortgages to non first direct customers.

So anyway you mortgage experts of NSC can you give me any tips as to the best deals currently around.

 

[Tricky Dicky]

Get in quick, there are fewer and fewer around. Ask Unc Spielberg he's a pro you know.

 

[scooter1]

I need to do a remortgage ASAP as my fixed rate is coming to an end at the end of the month, I registered for First direct about 2 weeks ago and they were supposed to call me back as they were offering a fixed rate at 5.29% over 5 years however they still haven't called back and now I notice they have stopped offering mortgages to non first direct customers.

So anyway you mortgage experts of NSC can you give me any tips as to the best deals currently around.

Mrs Scooter is a mortgage advisor if you want her details PM me

 

[Uncle Spielberg]

The mortgage market is in meltdown. Every day you go in you have to check which rates are still around. Lenders are withdrawing rates with little or no notice. A lot of lenders have ceased trading and others have withdrawn all their rates like First Direct.

Depends what you want, a 2 year fixed rate with fee added, free survey, free legals and no extended penalties is around 5.89%, tracker are now more.

PM me.

 

[hans kraay fan club]

My fixed rate expires in December, so will also be looking for a new deal.
Quite interested in this Nat West 'One' thing, where they add your current account balance to your mortgage at the end of every month so you pay less interest overall.

Is it a gimmick US, or does it really work out well?

 

[pasty]

Will have the same thing in June when our current fixed rate ends.

 

[nail-Z]

I'm contemplating moving as I'm with the Rock at the moment.

Fortunately I've moved my banking to First Direct last month, so reckon I'll be OK to apply through them.

You should be OK tinx as they do say they'll continue processing existing applications.

 

[Uncle Spielberg]

My fixed rate expires in December, so will also be looking for a new deal.
Quite interested in this Nat West 'One' thing, where they add your current account balance to your mortgage at the end of every month so you pay less interest overall.

Is it a gimmick US, or does it really work out well?

The One Account, its a good option. PM me for figures

 

[tinx]

I'm contemplating moving as I'm with the Rock at the moment.

Fortunately I've moved my banking to First Direct last month, so reckon I'll be OK to apply through them.

You should be OK tinx as they do say they'll continue processing existing applications.

I hope so, I just haven't filled any forms or anything in, I am in the process of moving my banking to FD at the moment to get the £100 they offer.

 

[Tooting Gull]

Our fixed rate came to an end on March 31st. Spent ages looking around, it obviously isn't/wasn't an ideal time to get another one, but eventually went for a new five-year fixed (with Nationwide). Was genuinely unsure whether this was best, and did it more for the certainty, but everything that has happened since has made it look like a decent decision. Only paying about £80 a month more, which in the circs could have been a lot worse.

Looked very hard at trackers, but the main problem with them now is that the margins have all been hiked up, none of them are as good deals as they were even a year ago even if the interest rate does come down.

 

[Gully]

My fixed rate expires in December, so will also be looking for a new deal.
Quite interested in this Nat West 'One' thing, where they add your current account balance to your mortgage at the end of every month so you pay less interest overall.

Is it a gimmick US, or does it really work out well?

Hans, that sounds pretty similar to the offset mortgage I have with Barclays, they will also reduce your payment further by using interest off savings...might not be a massive amount, but every little helps!

 

[seagullsovergrimsby]

A similar thing is happening with the fixed price deals on gas and electricity. My FPD with EDF expired on Mar 31st and I expected them to offer me the 2010 FPD but no - they have now withdrawn this offer and were going to put me back on a standard rate. I have now gone for a FPD with Scottish Power which takes me up to Mar 2011 and although I am paying more initially there wont be any price hikes to worry about for 3 years.

 

[Uncle Spielberg]

Intelligent Finance have a very good offset, flexible mortgage product

 

[seagullsovergrimsby]

An article in the Scotsman newspaper today suggests that the Halifax may imminently be changing its available mortgage product range.

 

[Uncle Spielberg]

Lenders over the last few years were in constant competition to offer the best rates on the market they are now in constant competition to offer the worst rates on the market.

 

[Uncle Spielberg]

Lenders DO NOT want new mortgage business. They ARE NOT chasing market share. They are happy to close the shop and look after the mortgage book they have and retain them with market leading rates for good customers. That way they can still make a good profit from the clients they already have. This will blow over but not for a while yet.

 

[Gully]

It will be interesting to see what happens if the MPC of the BOE cut the interest rate this month, as many are predicting, can't really see it being passed on to mortgage holders.

 

[Uncle Spielberg]

The BOE rates have become for the moment irrelevant to mortgage rates ( except people who already have a tracker rate ) as fixed rates are going up as there's no money and tracker rates have sky rocketted as lenders maximise profits. In the Summer last year I got several clients a 2 year tracker at 0.36% below BBR, now trackers are invaribly 0.5%-1% above BBR.

 

[Papa Lazarou]

So, US - We've got 2 mortgages, 1 for some extension work which we arranged to come off fixed rate a few days ago, and the main one which comes off a 5 year fixed rate in June.

We're with the Nationwide currently...

So, what should we go for?

 

[Rangdo]

My fixed rate expires in December, so will also be looking for a new deal.
Quite interested in this Nat West 'One' thing, where they add your current account balance to your mortgage at the end of every month so you pay less interest overall.

Is it a gimmick US, or does it really work out well?

I've just moved over to the Barclays Offset Tracker. Was (and after a quick look still appears to be) the best rate at 5.99% now. Was a bit less a few weeks back. You can offset up to 4 current accounts and 10 savings accounts.

I looked at The One Account and the interest rate seemed pretty high to me.