Mortgage Help - HotUKDeals
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Mortgage Help

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7y, 11m agoPosted 7 years, 11 months ago
Okay well we all know the rates of mortgages has hit an all time low and will probably go lower in the next few months. My problem is i've got 3 mortgages all that have been on fixed terms. One at 5.89% at 3 years remanining, one at 5.49% with 4 years remaning and a final one as a Buy To Let at 6.59% with only 1 year left. As its predicted within a few weeks these rates will probably be double if not more what is available market.

My question is is there any way I can get out of these fixed terms? Or can I renegotiate with my lender to reduce these terms?

If not do you think it is more viable to pay the breaking fee as it might make things cheaper in the long run?

All help and advice appreciated.
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7y, 11m agoPosted 7 years, 11 months ago
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banned#1
ALL MOrtgages are different so you'll have to read the T&C's of each. You wont be able to get out of paying the early redemption penalty.
#2
any idea whether it could work out more beneficial to actually pay that off?
#3
If you switch mortgages then you've got the early repayment fee then on top of that is the set up fee for a new mortgage. Plus the time taken to do this etc. Most places are now running mortgages with about approx 1% above base rate (2%) but these will only give you mortgages of approx 75% so you need to have approx 25% equity in the homes based at current prices.

I've got a fixed rate at 5.33% to run until September and up until about two months ago was still a good deal. I keep thinking about changing it but I think rates will increase again early 2010 so I personally wouldn't bother changing.
#4
mhh1981
If you switch mortgages then you've got the early repayment fee then on top of that is the set up fee for a new mortgage. Plus the time taken to do this etc. Most places are now running mortgages with about approx 1% above base rate (2%) but these will only give you mortgages of approx 75% so you need to have approx 25% equity in the homes based at current prices.

I've got a fixed rate at 5.33% to run until September and up until about two months ago was still a good deal. I keep thinking about changing it but I think rates will increase again early 2010 so I personally wouldn't bother changing.


3% mortgages? links please.
#5
But if you take out a 5 year fix mortgage on say like 3% wouldnt that be 50% saving for 5 years?
banned#6
For the ones with a short term, you should approach the relative mortgage company as they may be willing to re-negotiate a better rate early to avoid losing a customer.
#7
4Site
But if you take out a 5 year fix mortgage on say like 3% wouldnt that be 50% saving for 5 years?


There are no 3% rates.

What is the LTV?
#8
I think there will soon though
banned#9
chester123;3808651
There are no 3% rates.

What is the LTV?

They were giving an example.

nationwide base rate is 4% from 1st Jan

I pay 2.24% with Nationwide currently but only have £100 capital outstanding. Just rang to get £41,000 overpayment back off of them to put in tescos internet saver at 6%

Don't pay tax so laughing now at these rates :-D
#10
when the interest rates dropped to 3% my mortgage went to 3.89%...I'm still hoping they drop it further.

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