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Original poster

Remortgaging in summer what’s everyone’s plans?

29 replies

Legoladyp · 28/04/2023 14:10

Just wondering what everyone was doing whose fixed rates finish this summer.

We have secured a new deal that’s 5 years at 3.91% and an increase of around £250 which isn’t horrid but still a bit annoying when it’s just interest. Doesn’t execute until Aug.

With the new talk that rates might be going down, are people more inclined to do a two year fix or trackers at an higher rate over a lower 5 year fix?

Or are we expecting that being on 3.91% might be the new normal? I feel the banks are pushing 5 year fixes with the lowest rates which makes me think the banks are expecting them to go lower…or maybe I’m over thinking 😂

OP posts:

Lcb123 · 08/05/2023 08:54

That seems a good rate. We’re buying now 4.11% and getting 5 year fixed. Perhaps rates will dip a bit but we’d rather have the reassurance

Charcol · 08/05/2023 14:13

@Desperatelyseekingcommonsense Which lender was that for 3 years. THat would be ideal tbh. 5 years is a tad too long.

Charcol · 08/05/2023 14:16

Bouledeneige · 07/05/2023 23:10

Interesting thread thanks OP. I'm starting the research on my new deal due in August. Currently on 1.99% with Nationwide for 2 years. Was shocked that their letter to me said if I did nothing they would switch it to a 7.49% rate. I've used their website and they are offering me deals like 3.99% (initial rate) 4.5% full rate including all charges - this is a 5 year fixed rate. I usually go with a fixed rate - but have had a tracker - and having read this I think I will go with a fixed rate. Its very surprising to me to see 5 years at better rates than a 2 year and other models - that's a very unusual situation. I only have 8 years to run and am in the lowest threshold LTV (15%). I will check deals with a broker though.

I guess the benefit of staying with my current mortgage company is to minimise the charges and penalties - its £999 fee for the rate above. Can I just check what fees you are expecting with the deals mentioned above?

Offered 4.06% 5 years with a £999 fee. Halifax or 4.19% without the fee.

Fee option works out slightly cheap by £15/month

Desperatelyseekingcommonsense · 08/05/2023 15:23

Charcol · 08/05/2023 14:13

@Desperatelyseekingcommonsense Which lender was that for 3 years. THat would be ideal tbh. 5 years is a tad too long.

Santander. My mortgage is with them at the moment. I have a pretty low ltv. So that probably makes it a little cheaper.

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