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Remortgage or wait 9 months?
dodgydaz
Posts: 18 Forumite
I am on a 2 year fixed rate mortgage with a rate of 6.1%.
I went onto various websites and put some details into moneysupermarket.com. I was called an hour later and the guy took some more details and suggested I have one of their experts round to go through the options.
He is coming tonight, but I have just called my mortgage lender. If I decide to move now to another lender, I would be charged £980 with another £90 charge. So I would be out of pocket by a grand straight away.
I have looked my self at the mortgage deals around and the 1st direct one looks good, as does the HSBC but with a charge of over a grand for taking out the HSBC one, I would be paying £2000 to leave one lender and go to another.
Now obviously these charges will be added onto the loan and I wont see much difference but the idea of getting another mortgage is to reduce my monthly payments whilst keeping the years I have left to pay, the same.
Does anyone know, from the above info, whether it's worth doing this now or wait till the fixed term ends in 9 months.
I went onto various websites and put some details into moneysupermarket.com. I was called an hour later and the guy took some more details and suggested I have one of their experts round to go through the options.
He is coming tonight, but I have just called my mortgage lender. If I decide to move now to another lender, I would be charged £980 with another £90 charge. So I would be out of pocket by a grand straight away.
I have looked my self at the mortgage deals around and the 1st direct one looks good, as does the HSBC but with a charge of over a grand for taking out the HSBC one, I would be paying £2000 to leave one lender and go to another.
Now obviously these charges will be added onto the loan and I wont see much difference but the idea of getting another mortgage is to reduce my monthly payments whilst keeping the years I have left to pay, the same.
Does anyone know, from the above info, whether it's worth doing this now or wait till the fixed term ends in 9 months.
0
Comments
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What is the rate being offered by HSBC and what is the settlement figure on you existing mortgage including the early redemption penaltyHalifax loan [strike]£9,000[/strike] - £0.00, Northern Rock Loan [strike]£13,000 [/strike]- £0.00 Sainsbury’s CC [strike]£3,000 [/strike]- £0.00 Marks & Spencer CC [strike]£4,500 [/strike]- £0.00 Halifax CC [strike]£1,400 [/strike]- £0.00
Total debt at highest 09.09.2006 - £30,900
Debt free as of 21.06.2010 - 3 Years 3 Months & 12 Days :beer:0 -
Total redemption figure is £65400 ish. The mortgage was taken out 15 months ago and we borrowed 65000.
One of the products is this-
2 year Discount for a booking fee charge of £1,199 at a rate of 1.99%.
Th efirst direct one is
2 years at 3.49% with an Arrangement fee of £799 and a booking fee £499.
I love how they have different names for the fees. Why dont they just call them what they are - "we can charge whatever we like" fees.0
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