Hello all
Looking for advice on whether i should/can remortgage or not.
My fixed rate ended a year ago and i'm sat on the Natwest SVR of 4%, i've look a few times at new fixed rate deals etc, but with the product fees, valuation fees and so on, it's never seemed worth moving, even within natwest.
Due to a recent inheritance, i have a bit of a lump sum i was wanting to use to overpay my mortgage, plus i am also in a position to make regular monthly overpayments of £400-£500 now due to rental income from inherited property.Overpaying on natwest doesn't seem straight forward, so went in to talk to someone and they suggested i change to an offset mortgage so i get the benefit of overpaying, but can also get at the lump sum if i ever needed to.
Seems to make sense and i've done a bit of reading and can't see any down side,or is there?
My options seem to be to stay with natwest on their offset at 4%, the same as their SVR with a £500 product fee, or jump ship to someone else, most likely first direct whos rate is 3.7%, also with a £500 product fee, saving me £17 amonth but having to pay £150 valuation fee plus £70 land registry fee plus having the possibility of getting turned down, hassle of remortgaging,valuation etc.
Obviously i’d prefer to go with first direct, but the tricky bit is i started a new job after new year so am only just over a month into a 6 month probationary period. Is is worth me even trying to apply with first direct? Or should i go with the natwest offset? Or i could just stay as i am for 5 more months then try FD?
Looking to borrow 102k at 75% LTV
My salary32k
Wifes salary 10k
Any views peeps?
Looking for advice on whether i should/can remortgage or not.
My fixed rate ended a year ago and i'm sat on the Natwest SVR of 4%, i've look a few times at new fixed rate deals etc, but with the product fees, valuation fees and so on, it's never seemed worth moving, even within natwest.
Due to a recent inheritance, i have a bit of a lump sum i was wanting to use to overpay my mortgage, plus i am also in a position to make regular monthly overpayments of £400-£500 now due to rental income from inherited property.Overpaying on natwest doesn't seem straight forward, so went in to talk to someone and they suggested i change to an offset mortgage so i get the benefit of overpaying, but can also get at the lump sum if i ever needed to.
Seems to make sense and i've done a bit of reading and can't see any down side,or is there?
My options seem to be to stay with natwest on their offset at 4%, the same as their SVR with a £500 product fee, or jump ship to someone else, most likely first direct whos rate is 3.7%, also with a £500 product fee, saving me £17 amonth but having to pay £150 valuation fee plus £70 land registry fee plus having the possibility of getting turned down, hassle of remortgaging,valuation etc.
Obviously i’d prefer to go with first direct, but the tricky bit is i started a new job after new year so am only just over a month into a 6 month probationary period. Is is worth me even trying to apply with first direct? Or should i go with the natwest offset? Or i could just stay as i am for 5 more months then try FD?
Looking to borrow 102k at 75% LTV
My salary32k
Wifes salary 10k
Any views peeps?