Got about 6 months left of my initial fixed rate term before it increases.

Whats best thing to do, can you simply shop around and go with another company offering an introductory fixed rate term etc?

Check with your current provider and see what they can offer.
They may have a better rate than you're on now.
Check around as well but look at your current deal to see if there are any penalties for switching.
Good luck.
And before anyone else says it.........if you ate less takeaways you could pay it off altogether !!!!

Google Best Buy mortgages 2017, you can change to any company you want but be careful as most have high introductory fees meaning the initial rate is low but taking account fees it might not be that cheap.

Do they generally send a reminder or anything that your fixed term period is nearly up etc and offer other deals or would they just keep quiet and i would automatically go onto a higher price etc?

Cheers

There's plenty of comparison sites about, google does one. Money saving expert used to have pages dedicated to best mortgage rates. Last time I checked, Yorkshire Bank offered the best rates and you didn't even have to own a ferret.

Sometimes brokers are able to offer better rates but they come with their own costs so you really need to shop around.

One of the things the British don't tend to do, is switch their mortgages around. It is common practice on the continent, and saves people money. Over here we are just getting into the culture of switching utility companies etc , but tend to stay with same mortgage provider for a lifetime , which usually means people pay more than they have to, so yes , have a look around and switch to a better deal. Without knowing your exact details , advice cant really be given, but as others have said, take a look around at what's on offer. Would be very surprised if you couldn't find a better deal.

I thought renting was more common on the continent? I was of the belief the desire to own was a British thing.

I can see the benefits of renting, not being responsible for maintenance for example. I think we like to own property so our offspring have something to inherit, so they can too be lumbered with a life of debt by using any inheritance as a deposit on a house of their own.

I can see the benefit of both really. It should be a personal choice. When I was a kid , the choice was generally for those in work, between having a mortgage and not much of a life or live in a council house and have a life. I don't think there was ever the social housing available on the continent that there was/is in this country, but yes a lot more do rent, though those with mortgages , as I explained , tend to move around providers rather than stay put with the same one for the full term of the mortgage.

These days there are less council houses , the rents are not as cheap as they used to be, in fact a lot in the North East at least are on par with private rentals. Also very few working people live in council houses these days, less said about that the better.

There is a fear in this country , of getting left behind if you don't get on the housing ladder, a fear deliberately pedalled by those in power , as it is a lucrative industry for those in power, why build council houses that are cheap to rent, when you can fleece people through having to rent privately or taking on a mortgage , effectively paying half a million over a lifetime for something that could be bought for 100k with cash. The Europeans don't have that greedy , short term , profit is everything mentality that we Brits have. That is why Imo they are generally a more balanced happier people , even the people with money, the so called winners in life , in this country tend to be stressed , bitter and full of hate for anyone who can manage on next to nowt and still have a smile on their faces.

I've got a mortgage and I support Pools. I still manage a rare smile now and then somehow though.

Rates are excellent right now and there is no sign of the Bank of England base rate going up anytime soon (they keep on guessing that it might go up 0.5% in the next year or two but they've been saying that for years) so you right now (depending on your loan to value) you can fix for 5 years with HSBC and others for around 2%, which is an excellent deal. I'm fixed at 2.24% with nationwide and plan to jump on that when my fixed term expires next year.

As others have said, you'd be daft to just go onto the variable rate, as you'll be paying a lot more on what you could get by switching to another bank or changing the deal with your existing bank. As a rule of thumb the fee-free deals are the best to go for, unless you're borrowing a shit load of money but living in the north east I can't imagine you are! Trackers might be worth considering as well seeing as though the rates don't look like going up and you'd pay even less but obviously there's a bit more risk there.

You bank will probably have a mortgage advisor who will help out but obviously only if you stay with them.

Like everything , if you threaten to leave, a better deal magically appears from nowhere.

visit 313 financial services - Speak with Paul he will sort you out

Best way to find out is to contact them and ask what they intend to do in your case. At the same time hint that you're beginning to look around but you thought you would give them first shout.
Get a valuation of your property. If it has gone up since you struck your current deal you have better bargaining power. This could also enable you to get some cash, if you need it, for the same loan to value percentage. You could use the extra cash to improve your property or any other project you have in mind.

I used a mortgage broker called L&C (London and country). They don't charge you and instead make their money by a payment form your mortgage provider. Was recommended on the money saving expert page and I found them excellent.


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Thanks all. My mortgage broker just retired sadly but was similar deal to your Chrissy - Might well give them a try.

I agree with Chrissy, L&C have helped me twice now and are fantastic. Genuinely no fees.

Being someone that works in mortgages I can guarantee you that isn't the case when talking about rates with your lender and moaning about it doesn't really get anywhere.

My advice is try your lender to see what they can offer you first as it is the easiest option and can usually do it with no advice from the person on the phone, or can even secure it online (you can usually secure a rate about 3/4 months in advance of yours ending to avoid going onto the companies standard variable rate). If you can get a better deal elsewhere and you can be arsed going through a full mortgage application I would just speak to a broker to see what the best deal you could get is, you can usually get a broker that doesn't take a fee from you up front and they just take a commission from the banks.

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Get a valuation of your property. If it has gone up since you struck your current deal you have better bargaining power. This could also enable you to get some cash, if you need it, for the same loan to value percentage. You could use the extra cash to improve your property or any other project you have in mind.[/quote]

Look at the loan to new valuation ratio; the lower it is the lower you might expect the interest rate you pay

Watch with valuations though, a lot of lenders will use a 'bricks and mortar' valuation rather than what you would expect to sell your property for...basically what they would look to sell your property for quickly if they were to repo it

Sell up and buy a top of the range Range Rover and Caravan..

Nationwide are pretty good for mortgages in my experience. They gave me a better rate than I expected when I renewed at the end of my fixed period because they were keeping better track of the value than I was.

Go see Ste Murray(Mesh) down Victoria road he is a top lad he does all the leg work and gets you the best deal he has done mine for years ive just switched and knocked years off my time left on my mortgage

Pay you mortgage off and you wont have a problem