Things are changing mighty fast in the mortgage market right now and as we've mentioned before, if you need a mortgage, then act fast.
Many of you are among the 1.4 million borrowers who will see their fixed-rate mortgage deals come to an end this year. Many of you will find the lending landscape has changed considerably since you took out your last home loan.
Why have things changed?
The credit crunch means lenders are finding it more expensive to borrow money to then lend to their customers.
This week the Libor rate (the rate at which lenders borrow money) increased to almost 6%. So although the base rate is 5.25% (considered comparatively low), the costs of financing your home are rising.
My fixed rate deal is about to end; does this mean I will have to pay more?
Yes, almost certainly.
Some of you coming to the end of your two- or three-year fixed-rate mortgages could currently be on a rate of 4%. This type of deal is now non-existent.
Currently, the best fixed rate mortgage at the moment is a two-year deal from First Direct at 4.75%; a more representative deal is the five-year fix from Principality building society priced at 5.19%.
Unfortunately, it's not just fixed rate mortgages that have gone up. Discounted rate mortgages and tracker mortgages are also more expensive than they were last time the base rate was falling.
In addition, typical mortgage fees have also gone up. Fees for a standard mortgage were at most £500 a couple of years ago, but now costs are now much higher; a standard mortgage could cost you nearly £2,000.
So, how do I keep my costs down?
Whichever way you look at it, changing your mortgage once your deal comes to an end is going to help, as lenders' standard variable rates (SVRs) are the most expensive option of all.
Ask your existing lender about its deals first, but even though the market is tighter you may still be able to find a mortgage elsewhere, especially if you use an impartial adviser who can search all mortgage lenders, some you may never have heard of, to find the best deal for your situation.
If you have no option but to stay with your lender and accept its SVR, you could reduce the "payment shock" by going for an interest-only mortgage for a while.
I still need a large LTV; what can I do?
The credit crunch has made lenders reassess their criteria and most have withdrawn the products they consider the biggest risks. So, if you want a loan of 100% of the value of your property, you won't find many offers.
If you took out a 100% plus mortgage two or three years ago, property price rises in the intervening years should mean you have enough equity in your property to remortgage on to a standard deal.
If your loan is still close to the value of your property, however, speak to your lender.
Coventry Building Society has come up with a special deal for customers who took out 100% or more mortgages and no longer fit in to the criteria for any of its products since it withdrew its high LTV loans.
A fee-free fixed rate of 6.49% may not be the cheapest on the market but, says a spokesman, is very similar to what these borrowers were on before; between 6.2% and 6.7%.
Other lenders are considering similar offers. But even if your lender is unable to help, there's no need to panic.
I have a poor credit history; does this mean I won't be able to remortgage?
If you are remortgaging from an adverse credit mortgage and you can demonstrate that you have made all your payments and that your credit status is improving, you should have no problem switching to a new deal.
I want to release equity; is now a bad time?
Not necessarily. It depends on how much equity you have in your property. Provided you keep your LTV below 85%, you should be able to get a good deal.
However, if you think prices are set to fall and you don't want to fall into negative equity you should ask yourself if you really want to borrow more against your property.
Which mortgage should I choose?
Unsurprisingly, fixed rate mortgages have been the most popular option for a few years and most experts agree they will still be the first choice for many in years to come.
Although you won't get as good a deal as in the past, tracker deals are also an option, particularly if you expect the base rate to fall further.
Some lenders have opted not to pass on recent cuts to borrowers on their SVR and discount mortgages, so the only way to ensure you benefit from further cuts is to go for a tracker deal.
(Please note that articles on MoneyHospital do not constitute regulated financial advice. The articles are intended to provide general personal financial information. We urge you to consult an Independent Financial Adviser (IFA) before making any important decisions about your finances. All rates are correct at time of printing but are subject to change without notice.)
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