Please can you help I am coming to the end of my fixrate morg and I have not renewed it because I want to move house, I want to know what would be the best options for a new morg i have around 65,000 to put on an house and i want to buy one around 150 to 160 thousand but i need to find a good deal over 15to 18 yrs , can you help me please

kind regards Juel

Hi..Abbey and C&G are pretty reasonable at the moment compared to the others. Who is your current lender?? They may be able to offer a new rate on your existing mortgage and a further rate on the extra borrowing when you move.

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Regards

Ian

Hi Ian thanks for your kind reply.

I am currently with Nationwide,Iam looking for the best fixed interest rate on a tracker or fixed rate, The house I want to buy is approx £160000 I have a 65000 deposit I thought of contacting my current bank but I thought I'd ask if any one new the best rates at moment.

regards Juel

Hi...Nationwide do not have the best rates although they are a client friendly lender. You are looking for a 53% LTV product so you will have the widest choice, you could try banks like HSBC for their preferred rates. If you can manage the increased payments when your current rate ends it may be the better option rather than complicate things by porting an existing mortgage and borrowing extra funds. Best advice is to see a fees free local broker for independent advice, saves a load of time :)

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Regards

Ian

Hi ian thanks for the reply,

call me silly! but I dont know much about morgs..! so what is a LTV.

as my fixed rate is up on the 30th june I thought it would be a good idea not to take another fixed rate (as you say, this is why I am searching now for a morgage so that I can approach the lender as soon as I sell the property .(I have someone veiwing today)

Kind regards Juel

We had a similar situation end of last year. What I did was take out a flexible mortgage with no repayment penalties at all on £40k. The rate was a little higher but this meant it was totally free to pay back/redeem at any point. I got a deal with The One Account. The rate is just over 6% but we have now bought a new house and hope to complete in August so can payback the whole mortgage by taking out a new fixed rate deal (£180k) with a new lender. This way i got a better deal than the banks variable rate, it had no booking fee, no valuation fee and we can pay back when our new much bigger mortgage kicks in in August. I hope that makes sense, there are lots of free mortgage advisors around-you should ask around at work for people who can recommend someone, that is how we found deal.

Hi Juel...LTV is loan to value, that is the amount borrowed against the property value.

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Regards

Ian

thanks for your kind reply, I will take into account all you have said thanky again juel

Hi Ian thanks for that, i will start my hunt and hopfully find the right deal ...!

regards Julia