SamUK

iTrader: (1)

I have come to the end of my 2 years fixed rate, and want to know what i should be doing?

My current rate is 3.69%, the banks current SVR Rate is 4%

I spoke to my broker, and they said you i need toi apply for a new deal..for this i must do the following:

• Get My Credit Reports - ensure it is clean
• have 3 months payslips
• pay off my Credit cards

They said i should be able to get a 3.5% 2 year fixed, maybe 3.9% fixed for 5 years..

Now the above is allot of work and hassle...

I called my existing lender, and said what can you offer me..

• 2 Years Fixed @ 3.05%
• 5 Years Fixed @ 4.09%

They said, no credit checks or payslips required as they had already done these checks 2 years back when i took out the mortgage..

No is there any reason i should not go with the banks offer?

ScoobyWon't

Depends on how much you would save on the other deals.

Include set-up and arrangement fees etc and your broker's fee in your calculations.

davegtt

That 3.05% for 2 years with the exsisting lender looks good, bearing in mind you wont encounter any other fees that you would with someone else. The question is though, where do we expect interest rates to be in 2 years time

stilover

I made a mistake a few years ago. Had an offset mortgage with the Woolwich.

Payed if off as I'd saved enough to do it. What I should have done at the time was keep £1000 mortgage ticking over, as now I'm looking to move, my last rate was 0.5% above based rate.

SamUK

iTrader: (1)

Current lender said there is a fee of £800 which can be paid or added to the mortgage.

unsure what the brokers fee is.

Yes i would think the base rate would eventually go up..possibly in 3 years..

mamoon2

1. You shouldn't be paying a brokers fee, they make money from commission.

2. HSBC doing a tracker fee free 3.19% i think, check it out. i'm on 2.99% with them.

3. No reason why you should need to pay credit cards off.

Go on moneysupermarket and shop around yourself