I am thinking of moving and want to know if its worth staying with C&G and porting current 59K (at good rate) and borrow additional monies with C&G or move elsewhere?
Summaryof current details:~
· £58,933.00 mortgage on variable tracker 0.58% above BR for remaining 11 yr term (no tie ins)
· Tookout additional 8K last yr with C&G fixed rate @ 6.29% which ends 31.03.15then HVR.
· Totalcurrent mortgage balance £66,470.00.
· Realistic current property value 125K.
· 58.5k Equity. Allow approx 5K for fees therefore 53.5K Equity.
MeetC&G Advisor recently and they confirmed the following:~
· Can port 59K on same T&Cs and can amend term from current 11yrs.
· My mortgage will be retained by Lloyds and wont be affected.
Keyfacts provided with offer:~
· Purchase price of property say £200,000.00 (worst case) more likely to be between 180 to 190k.
· LTV 74% based on 200k property and 147kmortgage.
· New mortgage offer £148,260.00 (£1260 fees) approved on the day.
· Port £58,933.00 at 0.59% tracker variable for new term of 25Yrs = £224.11 per Mth.
· Additional borrowing £89,062.00 variable @ 2.79% until 31.05.15 then HVR based on 25yrterm = £411.04 (10% overpayments allowed).
· £1,610.00 fees (product fee £995 on or before completion, valuation £350.00 (to be paid up front), mortgage account fee £265)
· Total new mortgage per mth £636.64
Given the above and the fact that I have such a good rate on the existing £58,933.00, would I be better off staying with C&G/Lloyds and is there little point in looking at moving completely to a new lender? Or do you think I may get a better deal elsewhere?
Anycomments are welcomed and appreciated.
Summaryof current details:~
· £58,933.00 mortgage on variable tracker 0.58% above BR for remaining 11 yr term (no tie ins)
· Tookout additional 8K last yr with C&G fixed rate @ 6.29% which ends 31.03.15then HVR.
· Totalcurrent mortgage balance £66,470.00.
· Realistic current property value 125K.
· 58.5k Equity. Allow approx 5K for fees therefore 53.5K Equity.
MeetC&G Advisor recently and they confirmed the following:~
· Can port 59K on same T&Cs and can amend term from current 11yrs.
· My mortgage will be retained by Lloyds and wont be affected.
Keyfacts provided with offer:~
· Purchase price of property say £200,000.00 (worst case) more likely to be between 180 to 190k.
· LTV 74% based on 200k property and 147kmortgage.
· New mortgage offer £148,260.00 (£1260 fees) approved on the day.
· Port £58,933.00 at 0.59% tracker variable for new term of 25Yrs = £224.11 per Mth.
· Additional borrowing £89,062.00 variable @ 2.79% until 31.05.15 then HVR based on 25yrterm = £411.04 (10% overpayments allowed).
· £1,610.00 fees (product fee £995 on or before completion, valuation £350.00 (to be paid up front), mortgage account fee £265)
· Total new mortgage per mth £636.64
Given the above and the fact that I have such a good rate on the existing £58,933.00, would I be better off staying with C&G/Lloyds and is there little point in looking at moving completely to a new lender? Or do you think I may get a better deal elsewhere?
Anycomments are welcomed and appreciated.