Choosing a Re-Mortgage Deal

[Polyethyl]

Every two years I re-mortgage my flat with another 2 year fixed rate. Every time I agonise over whether I?m doing the right thing, whether it should be 2 years or 5 years fixed, which bank I should use, whether I should take the deal with the £900 set up fee and low interest rate or the deal with no set up fee and slightly higher interest rate. Should I or should I not seek the advice of a mortgage broker ? or is it fine to do your own research?

This time I am trying to research mortgages whilst keeping a bored 3 month old baby entertained.

I?m increasingly coming to the conclusion that fretting over this is pointless ? surely, whatever I choose ? be it a 2 or 5 year fixed term or with or without set up fees ? the banks will always ensure that they ultimately come out of the deal best. Perhaps instead of expending time and brainpower trying to work out which is the BEST deal ? I should just accept that of the most plausible 3 mortgages I?ve looked at they would all be good enough ? stop fretting about it and get back to entertaining the baby.

What do the rest of you do?

I've nearly paid mine off now but used to do the same as you up until recently. I used a very good independent mortgage advisor who would do all the searching and comparing on my behalf and then present me with a few options that met my criteria... e.g. no fees, penalties for early redemption etc. Didn't cost me anything directly.

If you are remortgaging after the fix term, it is easy to calculate the cost of the mortgage (fee + interest) over the term. Then you can see which one is the better deal, isn't it?

London and country mortgage brokers do not charge a fee (they take it out in commission instead) - I would see if they can beat the ones you've researched already. The bank will probably always win, yes, but there are done assumptions you can make eg you pay slightly more for the security of a fix, and more again if it's a longer term fix.

Doing a research by yourself is a good thing. However, I would still recommend talking to one mortgage expert. There are lots of mortgage providers online for you to choose from.