best mortgage fixed rates
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My fixed rate repayment mortgage ends in May.I have 3 years left on my mortgage what is the best option?
This depends on which lender you are with at the moment, however I can give you a general answer which will apply to the vast majority of people.
At the moment the Standard Variable Rate (SVR), which is the rate you will go onto after your fixed term ends, is the lowest rate available from most lenders therefore you will probably find its best to stay on the SVR for the short term. Whilst on the SVR you can also make unlimited overpayment’s so if you do have any savings certainly try to reduce your mortgage as much as possible. Generally we expect the interest rate to stay at its current level or possibly go down even further so you should be fine to stay on the SVR for the foreseeable future ideally clear your mortgage during this time.This would be your best option.
If you do remortgage in the future(eg if you wanted a fixed outgoing) your priority need to be to keep fees to an absolute minimum and sacrifice paying a higher rate. As you have a small amount of capital to repay this will be most competitive, you will also probably find at that point a 2 year deal will be best for you, certainly do not extend your term to 5 years as someone else has said as this will result in you paying extra interest needlessly and also with a mortgage for a longer term when you should be enjoying life and your extra cash.
hope this helps if you wish to have a more specific answer or any further queries feel free to email me
what institution has the best 30 yr home mortgage fixed rate?
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There is no standard answer, as rates change daily. It depends on how aggresive the bank wants to be, and the loan officer. When comparing rates, you should do so on the same day. The 2 important questions you need to ask is the rate on that specific day, and the amount of ALL closing costs. A lot of lenders (particularly brokers and on-line mortgage companies) only include THEIR closing costs, and not outside 3rd party costs such as attorney fees, title insurance, recording fees, appraisals. etc.
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