Mortgage advice please ?

March 15th, 2010
  • I have a fixed rate Mortgage that's up at the end of May, the rate i have at present is 5.19%. If i was to take out another 2 year fixed rate what deal could i expect in the current financial situation? I would be looking to borrow 70-75%.


  • Try http://www.moneysupermarket.com


  • YOU DO NOT HAVE A FIXED RATE MORTGAGE. You have an adjustable rate mortgage.


  • Yeah, sweetie, I'm afraid you don't know what you've got there. If you had a fixed rate, at the end of the term your loan would be paid. Since it's not, you don't.

    You have an adjustable rate mortgage and the fixed portion of the loan is ending. That time is usually 1 to 7 years, and it sounds like yours was 2 years. So now you can refinance, IF you can refinance, and get yourself a nice real fixed rate loan. You want one with 30 years worth of equal payments.

    First check your credit scores from all 3 bureaus. Just type Experian.com, Equifax.com and TRW.com. The report is free, but they'll charge you something for the scores. Pay the something to see the scores, but don't waste your money on any other services. If your scores are in the 700s or higher, you should be cool as long as the value of your house hasn't declined. A lot of places have, but not everywhere. If it's between 650 and 700, you're probably still ok, but not as primo a borrower.

    Call your lender, your regular bank, a credit union, a brick and mortar bank and an online back. See what they have to offer.







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