re mortgage

bellas_hoose

morning !! my head is buzzing as i am not sure what to do ! i am mortage free since july 2008 and now have decided to at a extention on to my house ,i wish i had left a £1 in my mortgage account,then i would not have this probelm ! the extention is going to cost £30000,so do you think i should go for a remortgage or a loan ! waiting for the surrender value to come through the post on one of our endowments !all the mortgages that i have looked at are confusing and i dont know which to pick !

herbiesjp

You should be able to get a good deal, as I am guessing the property value will be a lot higher.

You should also be able to get a deal on a re-mortgage basis (of an umencumbered property) which means that you could get free legal fees and free valuation thrown into the package, which seeing as the mortgage amount is so loww you would need to keep fees down.

Then you would need to find a deal that has low, or no, arrangement fees - again being a low mortgage amount your are more senstitive to fees that actual interest rates.

So this means you are more likely to look at slightly higher interest rates, than the lowest headline rates, as otherwise you will lose out by paying excessive fees.

I wouldn't go surrendering an endowment, as I'm guessing you are now using that as a savings policy, seeing as you no longer have a mortgage.

If your head is buzzing you may well want to speak to a whole of market adviser who could do this for you either fee free or for a small charge