Should we Re-Mortgage??

rmb282

Hi,

I have just come out of my 6 years following an IVA, and after a bit of hassle from two creditors that had incorrect information on my credit files, I am now in the position that my credit file is clear, and I think it would be the best time to reduce my outgoings substantially (I hope) as I have been on a non or low credit rating mortgage i.e. 4% over base rate (approx 8%) and have a monthly payment of £679 a month for an £88k mortgage

The only problem I see is that I'm locked in for another two years, otherwise my Early Redemption Payments will be 6 months interest, approx £3,500

I've looked at a few topics on here, and have become more confused than ever.

I was thinking at one time whether to go for a One Account, as the only debts we have is the mortgage, although I see that there are a few that don't like them.

So, Should I remortgage, and if so, when? and which type of repayment?

We have a repayment mortgage now.

Hope you can help me clear my mind of the confusion?

herbiesjp

This is going to be a number crunching exercise.

You will have to see whether if you move and pay the penalty, you will make up the is money by having significantly lower monthly mortgage payments.

You should have a word with a whole of market mortgage adviser, explain your whole scenario to them and then let them look at the best deals out there for you i.e. see if you can find a free legals, free valuation re-mortgage deal over the correct mortgage term and repayment type and current property value