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Mortgage renewal advice?

9 replies

IamembarrassedIdontknow · 28/06/2023 22:15

I am embarrassed by my cluelessness. I've googled different calculators but they all seem to be for new mortgages?

Not sure of the current value. I paid 110k 5 years ago and the remaining balance is 85k (I overpaid a little eventually).

OP posts:
catmg · 28/06/2023 22:18

You are remortgaging, so it will be a new mortgage

IamembarrassedIdontknow · 28/06/2023 22:23

God I am clueless. Does that mean I need a deposit Shock

OP posts:
addictedtotheflats · 28/06/2023 22:25

No they use your equity as the "deposit"

IamembarrassedIdontknow · 28/06/2023 22:29

That is very helpful, thank you. The Lloyds calculator looks v. reasonable. With all these stories of tripling payments...

OP posts:
JaukiVexnoydi · 28/06/2023 22:37

First look at what remortgage deals your current lender is offering.

Compare that to what you can get if you move lender and decide whether it's worth the hassle

We concluded that the additional fees and hoops to jump through didn't justify the marginal rate difference and took the best deal the original lender could offer us.

tensmumsnot · 28/06/2023 22:38

Call London & country for free advice

IamembarrassedIdontknow · 28/06/2023 22:41

Sticking with my current provider is my plan tbh. I am a creature of habit, so I am hoping to fix again, do you think rates will be high for the next 5 years?

OP posts:
tensmumsnot · 29/06/2023 11:07

Unfortunately you need a crystal ball for that one. I've just done a 2 year fix but I don't know if that was right. I've previously been tied into a higher rate for 5 years and that wasn't ideal.

Pussywilloww · 29/06/2023 11:10

Get a broker/advisor, it is free and they'll find the best rate and sort out all the paperwork.

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