Normally you would have a 5-year fixed mortgage meaning you will renew in 5 years. Check your mortgage statement as it shows when it will be due for renewal. 3 months before the renewal you can start looking and check if there are other lenders who would give you a better rate or mortgage package.

When you mortgage term end you don`t have any commitment from the bank about the mortgage rate and your rate is variable open. You can shop around for the best mortgage deal for you and if its not in the same bank you can move the mortgage.

It may go as high as 5.5%.

Powered by

I currently have a mortgage with bank of ireland, its the first start mortgage where you can use a family members income to supplement yours when figuring out how much you can borrow. its a 95% mortgage and my outstanding balance is roughly £95000 and the property is valued at £100,000. my fixed rate is 6.45% until end of this year and i am looking into my options on what to do once this period is up. if i was to switch my mortgage to another provider am i still classed as a first time buyer or am i a remortgager or neither of those? would i even be able to switch to another provider as i have a 95% mortgage as dont think you can get many if any 95% mortgages anymore...would i still need a 5% deposit? sorry for all the questions but im a bit confused. i thought you had to pay for mortgage advice?

You would be classed as a remortgage customer. But the issue is that mortgages in general are currently a bit like rocking horse s**t and almost non existent. Currently the companies are looking for deposits of anything up to 33% for new first time customers and even the re mortgage market is hard work. Your existing mortgage is complicated with the other incomes being taken into consideration and by that the bank you are with took you on when realistically you could not finance one on your own. They have seen that you are managing to pay the mortgage and are coping and they should in theory come back to you near the time and offer you another deal at whatever rate is appropriate at the time. If your mortgage involved other incomes to make it viable and you only have 5% equity in your property you will have little chance of moving your account. But a high street mortgage broker will run the figures for you and have a look so that you can at least make an informed choice.