Is it a good idea to change or stick

advice38

Hi,

I have a current mortgage for about £78,000 but am unsure what to do at the mo. I am currently in debt management with payplan and therefore have a very high interest mortgage - about 10% and it is based on the LIBOR rate.

Since buying I have now got about £20,000 equity but have another 18 months tied in to my mortgage. I am thinking about remortgaging to a better mortgage as the LIBOR rate is very unstable as even if I have to pay exit fees, surely it would be beneficial to exit earlier and try and get a better rate as I'm worried my variable rate mortgage will go up and wont be able to afford repayments.

Any advice will be greatly appreciated?

thanks