Remortgage help

davidw85

I have had a morgtgage for 3 years with a sub prime lender. This came about because I had a period of unemployment and I had to come to an arrangement with my credit card companies which is still in place.
I now want to remortgage to pay off these debts (15k). This would take my required mortgage to 60K with the house valued at 110k. I have been in full time employment now for 6 months earning 25k.
In the time with my current lender (and with a prime lender previous to that) I have never missed a mortgage payment - just the credit card problem.
Should I take out a further advance with my lender or look elsewhere. My current lender has a 6.85% APR.

homer_j_3

Is that 6.85% interest rate on say fixed/discount etc or is that the APR figure?

You have been 3 years with the same lender so unless you are still in a preferential rate period of tied in period, I would recommend you take this time as an opportunity to review your mortgage position and see if you can try and save some cash. Prime lenders may well look at you but you need to really see a broker to let them review the full situation.

davidw85

Thanks for the advice 6.85% is the actual APR. I am not on a preferential rate nor am I tied in in anyway to this lender.

MortgageMamma

Then you have every reason andit would make good sense to explore your mortgage options now. You need to speak to a good fee;s free whol eof market advisor, either on the telephone or find one in your local area.