Should I get a new fixed rate mortgage at the moment?
My interest only fixed mortgage rate is due to expire next month – with the present low interest rates I’ll be paying a lot less in new payments. I don’t know whether to go straight for a new fixed rate or to hang on.. I need to change to start paying the repayment also. I am also concerned as I am only in temporary employment as to whether I’ll get excepted for a mortgage. Please could someone advise me? Thanks. Lisa
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Lisa, If you’re in the UK you wont be able to remortgage with another lender if your job is only termporary. Speak to your existing lender to see what they will offer you apart from ther standard variable rate. They would not normally question you for current employment details. As a Mortgage Adviser I am advising most clients to go for fixed rates – but the ‘experts’ seem to reckon we will have low base rates for another year or so. These are the same experts who did not predict the credit crunch !’
Assume you have ‘interest only’ at present. You are aware the only certain way of repaying your mortgage is to have a repayment mortgage. This will obviously be more expensive, so question your lender if they will extend the term to 30 years or longer to keep increases to a minimum. If your existing lender is not helpful, speak to an Independent Mortgage Adviser and beware of amateur answers even if they are top contributors.