Shall I Re Mortgage

sappersmum

CAN ANYONE HELP PLEASE - I ONLY HAVE A 20,000 MORTGAGE AND I KNOW YOU ARE ALL SAYING LUCKY YOU - BUT HUBBY HAS BEEN LAID OFF WORK FOR THE LAST 10 WEEKS AS HE IS PART OF VAUXHALLS IN ELLESMERE PORT AND WE ARE FINDING IT ALL DIFFICULT.

WHEN I SPOKE TO A BROKER HE SAID HE WOULDNT TOUCH IT BECAUSE IT WASNT WORTH HIS WHILE.

IS IT WORTH IT OR NOT?? AND HOW DO I GO ABOUT IT??

I DONT WANT TO END UP WITH LOTS OF FEES AND ENDING IN MORE DEBT THAN I STARTED WITH.

CHEERS

Joe_Bloggs

I suggest you find out as much as you can about then present mortgage deal that you are on. Dig up the paperwork and try and understand what you are signed up for / or entitled to. There may be other MSE members with the same lender who have experiences they can offer.

You could make an appointment with your local Citizens Advice Bureau if you feel at a loss with your understanding of your present mortgage situation or what to do next.

Do not despair and give yourself credit for doing something positive to deal with a worrying situation.
J_B.

herbiesjp

Without knowing your specific details it is difficult to say.

Rather than the broker saying it is not worth HIS while, he should have said it is probably not worth YOUR while

The reason being that at £20,000 a slight change in interest rate will make only a negligible difference to your mortgage payments.

However the potential cost of setting up a new deal either with your current lender or a new lender, would make the move actually more expensive for you.

As JB rightly says, dig out your paperwork and have a look at the exact details of your current situation and then look at the options available - but I would suggest anything you move to would have to have no fees attached to it