Should I switch lenders

C

colin79ie

Registered User
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369
Hi,
Would appreciate advice on switching lenders. I currently have an outstanding mortgage with BoI of 109000, with 22 years left. Interest rate at the moment is 4.75% variable tracker. I have just seen an ad for Halifax offering 305% for 1st year and 4.4% after that. Thay also pay 1000 towards legal costs and also the valuation survey fee. Sounds good to me. My house is probably valued around 220000 to 230000.

On another note, I consolidated loans 2 years back into one loan of 25,000 over 15 years at a mortgage rate (currently 4.75%) Would I be better off putting them both into a new mortgage over 20 yrs at Halifax? I, nyself think I should move the 109000 mortgage and pay lump sums off the smaller one when I can to clear it off quicker.

Any advice appreciated...
 
Just to be clear - is your total borrowing on the house 109 plus 25 i.e 134000 ?
It will make a difference because of the ratio of the mortgage to the value of the house (LTV).
You might not be able to take advantage of these low LTV offers.
 
i am thinking of just switching the 109 and hopefully pay frequent lump sums off the smaller one to reduce the term of it. it has 13 yrs left and it's not a huge amount.
 
colin79ie said:
i am thinking of just switching the 109 and hopefully pay frequent lump sums off the smaller one to reduce the term of it. it has 13 yrs left and it's not a huge amount.
Click to expand...

NIB's LTV mortgage is the better offer...have alook at that
 
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