Remortgage issue… please help?
Tags:credit card debt, economic climate, fixed rate mortgage, mortgage payment, year fixed rate mortgage,
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We have only reached the finish of the 3 year bound rate debt where the rate was 6.75%. Now you have been sensitive by the lender which the debt has been switched to the non-static rate. To the happiness in this formidable mercantile climate, they marked down the monthly repayments by £600 which equates to which you have been right away £600 pounds improved off. Prior to receiving out this remortgage, you had inauspicious credit definition which you were profitable utterly the lot monthly though over the past couple of years you have never longed for the debt payment, as well as have scarcely roughly paid of all the credit label debt. Now as seductiveness rates have been during an all time low you am wondering either to hang with the existent lender, or switch to the prolonged tenure bound rate as the priority is to keep monthly repayments as low as possible, as well as get financially stable. Also, will you still be treated with colour as carrying inauspicious credit? Any recommendation would be severely appreciated. Thanks.
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Like the other answer says, speak to an independent mortgage adviser – not one who is only selling his own company’s products. If you can get a better deal then that’s great. If you can’t, then you’ve lost nothing.
You should always shop around to see what other lenders have to offer, if you are the type of person who needs to know what their monthly payments will be each month to help them budget then a long term fixed rate may be the best for you, although interest rates are low at the moment they will go up again and if you are still on the variable rate then they could go even higher than before and you could end up paying a lot more each month. My advise would be to speak to an independent mortgage broker and try using comparison websites as well.