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So i have my mortgage coming up for renewal in August and am looking at what might be the best option.
I live on my own with two kids on a week on week off basis so cant really gamble on variable / tracker.
I'm currently with Leeds BS and they have a 10 year fixed rate coming up at 2.75%.
I cant act until August as that's when i can start to move forward but can anyone see there being a better deal?????
I saw a 5 year fix at 2.59 the other day (60% LTV) so that sounds pretty good over 10 years.
You can start the process before August - I'd suggest maybe beginning of June...it takes time to sort re-mortgages. I would expect Leeds to write to you about 3 months before the end of your current deal to let you know what they would offer you.
Best bet would be to speak to a whole of market mortgage broker - without more detail it's difficult to know if other/better options are open to you.
My deal actually ends in November so August would be early time for change with the current deal.
Security sounds the number one priority so a couple of things to think about
A Britexit will put the cat among the pigeons ... so try and get your deal sorted before the Ref date
My BS allows you to pick a deal 3 months before old one finishes and it switches over automatically... maybe leeds do the same ?
And a 10 year deal at 2.75%, historically, is very good.
Edit ... sorry penned before your reply above .... guess we now know which way you'll be voting 🙂 ... good luck
Have a look at HSBC.
Look at the exit penalties.
Your circumstances may need to change in that period and you may have to wait so many years to cancel penalty free.
I'm not smart but I'd go for that. J thought my 3 years at 2.99% was good!
10 years is a really long time to be locked in - it works 2 ways!
I took 5 years at 2.39% on 60% ltv recently..... Could have got better rate but the hassle of moving lender made it worth staying with my current lender for the sake of 0.04% especialy when the 2.35% lender wouldnt let me make overpayments monthly.
And best of all. 1 phone call - 20 minutes job done.
Just swapping to a lifetime discount mortgage - 1.95 at the moment, then I can stay with it as long as the rates don't go silly. It has no early exit fees, offset facility and overpayment/holiday options.
You'll be right hacked off if you go for a fixed and interest rates then go negative...
More seriously, things are incredibly uncertain right now so just find a deal that's affordable within your budget and don't agonise about what the future looks like... it's all too unpredictable