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    • princess23
    • By princess23 8th Oct 17, 3:24 PM
    • 27Posts
    • 0Thanks
    princess23
    Mortgage help please
    • #1
    • 8th Oct 17, 3:24 PM
    Mortgage help please 8th Oct 17 at 3:24 PM
    We are in our final year of a fixed rate (3.09%) which ends Sept next year. We have 20K on credit cards which we are paying off extra to try and get as much paid off as possible between now and then but realise there will still be a sizeable debt left. We are obviously concerned this will hinder our chances of a good mortgage rate but don't want to add the debt to the mortgage as inheritance will pay off the mortgage in the future. My question is would it be worth us leaving our fixed rate mortgage now (we would have to pay £1400) to possibly get a good deal or would you continue paying for the remainder of the last year fixed and how would the credit card affect our chances. Thank you for any help you could offer.
Page 1
    • Edi81
    • By Edi81 8th Oct 17, 3:45 PM
    • 327 Posts
    • 201 Thanks
    Edi81
    • #2
    • 8th Oct 17, 3:45 PM
    • #2
    • 8th Oct 17, 3:45 PM
    your £20k debt may be an issue. How much is it relative to your income and the value of the property. Without more information it's difficult to say how much it will affect you.
    • Debtslayer
    • By Debtslayer 8th Oct 17, 3:55 PM
    • 432 Posts
    • 604 Thanks
    Debtslayer
    • #3
    • 8th Oct 17, 3:55 PM
    • #3
    • 8th Oct 17, 3:55 PM
    How much is property worth?
    How much is remaining of your mortgage?
    What are your total annual incomes?
    Current Mortgage 01.10.17 £113,513.88
    MFW Start Mortgage: £114,794.64
    Current MED: 2036 Target MED: 2026
    Overpayment Target for remainder of 2017: £2,000
    Mortgage overpayment savings: £684.80
    MFW No 124
    • princess23
    • By princess23 8th Oct 17, 3:58 PM
    • 27 Posts
    • 0 Thanks
    princess23
    • #4
    • 8th Oct 17, 3:58 PM
    • #4
    • 8th Oct 17, 3:58 PM
    Thank you for your reply. In answer to your questions property worth approx 300K to 330k joint income £70k remaining mortgage 135k .
    • YHM
    • By YHM 8th Oct 17, 4:39 PM
    • 303 Posts
    • 98 Thanks
    YHM
    • #5
    • 8th Oct 17, 4:39 PM
    • #5
    • 8th Oct 17, 4:39 PM
    Plenty of equity and a credit card balance that is not inappropriate in relation to your income.

    You should really speak to a broker to assess the saving you would make by remortgaging now. Realistically at your LTV you should be expecting early 1% on 2 Year Fixed Rates, which could enable you to recover the ERC in the next year.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
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