I'm coming to the end of my 5 year fixed rate mortgage repayment plan, after which, I will begin paying a standard rate of interest which will inevitably be more than I am praying now.
Do I now have to pay an independent mortgage broker to organise a new fixed term plan. At a glance most set up costs appear around the £1000 mark and the broker another few hundred.
What do other mortgage paying verbwhores do in these times?
Can I ask:
How much time is left until it expires?
Is yours a leasehold or freehold property?
Do you have any other secured lending?
Do you have any restrictions registered against your Land Registry title?
All these will determine what expense you will end up incurring and help you judge the benefit of remortgaging to another fixed rate.
Brokers in my experience are feckless and fucking useless. You don't want to end up paying them £1000 on top of the product fee for their help 'advice' unless there is no other option but to have one appointed (not necessary with some Barclays mortgages for example).
It is not a difficult process, it is merely an unfamiliar one.
With remortgaging in a scenario of this sort:
- Find out any issues concerning your title well In advance
- Mortgage Offers are valid for 3-6 months so you want to be allowing the lender time to arrange the valuation and mortgage offer well before your fixed rate period expires, allowing the appointed conveyancer due time to conduct the work well in advance until time whereby the rate changes and they can simply get an up to date redemption statement and complete the remortgage without further issues.
- Don't assume lender, valuer, broker or conveyancer are necessarily doing anything. Maintain proactive contact