Helo guys... I hope you can help me with the following case of my friend:
He is 60 and had an 11 year mortgage.
He took the mortgage deal in 2011, it was interest-only tracker rate of 2.54% including Bank of England rate.
The deal expires soon and he said that his bank paper say that the interest rate will jump to 3.99% SMR.
His broker who secured him the mortgage 2 years ago has posted him inviting him to sit again and discuss the "best" offers out there.
What things should my friend look for when he sits with the broker? should he trust him and depend on him? or he should not?
What options does he have? he - an I - a bit confused about remortgaging... does remortgage means finding new good rate without borrowing more from the lender? or what?
I mean he is willing to continue paying his interest-only payment without borrowing more money. But one of his friends told him that his house value must have increased now and he can get more money because of that.
Can someone please advise what to do when you are in this situation? any ideas or tips are appreciated.
Many thanks.
He is 60 and had an 11 year mortgage.
He took the mortgage deal in 2011, it was interest-only tracker rate of 2.54% including Bank of England rate.
The deal expires soon and he said that his bank paper say that the interest rate will jump to 3.99% SMR.
His broker who secured him the mortgage 2 years ago has posted him inviting him to sit again and discuss the "best" offers out there.
What things should my friend look for when he sits with the broker? should he trust him and depend on him? or he should not?
What options does he have? he - an I - a bit confused about remortgaging... does remortgage means finding new good rate without borrowing more from the lender? or what?
I mean he is willing to continue paying his interest-only payment without borrowing more money. But one of his friends told him that his house value must have increased now and he can get more money because of that.
Can someone please advise what to do when you are in this situation? any ideas or tips are appreciated.
Many thanks.