remortgage to get a better rate

cmart021

Hi

6 months ago we took out the only mortgage we could get our hands on as we found a house we really wanted. It was halifax fixed for 3 years at 7.49 % with only 5% deposit.

After browsing on the halifax website I have spotted that there are mortgage deals for around 5.10% with 5 % deposit.

Would there be any chance of getting switched to one of these deals? I know it sounds silly as the bank would be getting less money.

If it is possible would it involve the whole getting payslips and mortgage advisors, credit checks and all the other stuff involved in getting a first time mortgage.

Thanks in advance.

_Andy_

Fairly likely you would now be in negative equity (i.e. unlikely you would be able to get the 95% LTV product anyway)- in addition you would need to pay early repayment charges, plus set up fees for the new one, meaning your mortgage balance would increase significantly straight away

nw_man

What Andy said.

Short answer is no.

cmart021

Thanks for the replies. I thought that might be the answer. We bought the house 6 months ago for £40,000 under the valuation so not sure about neg equity but I understand what you are saying about fees and that.

Just have to stick it out for the next 2 1/2 years.:(