Groups

    Remortgaging advice.............

    My inital 2 year term is up on my flat with the abbey national and I have had a letter from them stating that I will be put onto a mortgage rate of 4.24%. I'll be paying £713 a month down from just shy of £800, so a significant saving. Looking around on some websites though it doesn't look like this new rate is a particularly competitive.

    I was a FTB 2 years ago so to be honest this is a little new to me. I will be phoning up the Abbey National this afternoon and was hoping anyone might have some pointers. Any input is appreciated!

    Also will they tell me what they now think my flat is worth if I ask?

    10 Comments

    Chances are, you will have no choice but to stay with your current provider, because if you want to move elsewhere you will need to find around a 15% deposit... I am in the same boat, my minimum term is up in Feb next year (also with Abbey), and won't be able to move to a new lender as I don't have that kind of deposit. Still, I will be better off because the fixed rate I'm on is really high at the mo as it was before the crash, so the variable rate will be much lower.

    PS, you are not "remortgaging", you are simply wanting to move your mortgage to a different lender.
    Remortaging would be taking out a loan on the equity on your flat.

    My advice is to see an independant mortgage advisor. They will shop around for you abd give you the best deals. If you move your mortgage you will have to have your house revalued.

    When I moved, I paid a bit but nowhere near 15%, may it varies per lender.

    Original Poster

    I did say I was new to all this!! Will the bank revalue my home or will I need ot get an estate agent in?

    Try the usual sites to get an idea - uswitch.com, moneyfacts.com and even MSE may be able to point you in the right direction for the best deals.

    An IFA can help too - but I have found that looking on the net first lets you narrow down the products.

    Hope that helps

    it all depends on your loan to value % at the mo or LTV if this is high then you'll pretty much have to stick with your current provider.

    also yes they will tell you what they think your house is worth but unless you pay them to do an actual evaluation they'll just use something like the halifax index (Which is the one A&L use)

    You can get a good idea of what they'll say anyway using something like [url]www.zoopla.co.uk[/url]

    edit - I've always found MSE is a much better place for this sort of question - there is a forum on there just for mortgages with these sort of questions pretty much always on the first page.

    I've just accepted a 5 year fixed from A&L on 5.46% but my LTV is a rather high 88%

    worto03;5290572

    You can get a good idea of what they'll say anyway using something like … You can get a good idea of what they'll say anyway using something like [url]www.zoopla.co.uk[/url]



    According to that site, my house has gone down £35,000 in the last year :w00t::w00t::w00t:
    Looks like I won't be selling up any time soon.

    Banned

    Babbabooey;5290340

    Chances are, you will have no choice but to stay with your current … Chances are, you will have no choice but to stay with your current provider, because if you want to move elsewhere you will need to find around a 15% deposit... I am in the same boat, my minimum term is up in Feb next year (also with Abbey), and won't be able to move to a new lender as I don't have that kind of deposit. Still, I will be better off because the fixed rate I'm on is really high at the mo as it was before the crash, so the variable rate will be much lower.PS, you are not "remortgaging", you are simply wanting to move your mortgage to a different lender.Remortaging would be taking out a loan on the equity on your flat.



    Exactly the same as me (well March), and I am prob in NE, fun fun fun.

    Original Poster

    damn, I hope mine hasn't gone down by £30,000 like it says thats 16% :-(

    mine has gone down 17k - you can claim your home on there and add any improvements you've done that can increase it & give it more accurate details on garden size ect.

    scary to think of it really - I nearly cried when I parted with a 15k deposit on the house and now I've technically lost it all

    When you think long term though it doesn't really matter unless your thinking of selling soon then you have the fact that if your upgrading the house your buying will have dropped more in cash value than yours anyway.

    The main problem is it's knackered everyones LTV % mine is higher now than when I started the mortgage 4 years ago :-o
    Post a comment
    Avatar
    @
      Text
      Top Discussions
      1. Using delete and back keys on updated Hotukdeals website.11
      2. Photobook for up to 400 photos?23
      3. When Broadband Contracts End, Does The Price Increase Significantly, If You…11
      4. Curry haggle price?89

      See more discussions