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Remortgaging Question
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Ciara111
Posts: 66 Forumite
Hi
My husband and I bought a home just over a year ago. At the time I was unable to apply for the mortgage with him as I had just moved to the UK and was on a visa. However, this has all changed and I am now a perm resident.
We/He has an interest only mortgage of 108k approximately remaining for 24 yrs. The interest rate is 7.5% this was because he'd had some credit problems in the past and had some outstanding debts. There is a 6k redemption penalty which will end in 2 years. We bought the house for 118k and its now valued at 135k. We also have a 13k loan which i got to use as a deposit. The loan repayment + morgage payment is around 1k a month.
My question is, would it be wise to try to remortgage at this stage to try to get a better rate with myself as a co applicant?Or should we wait until the redemption period is over? I earn 27K per annum and have a 3yr employment history.
We would like to buy something a bit bigger as we would like to start a family. Any advice is welcome.
My husband and I bought a home just over a year ago. At the time I was unable to apply for the mortgage with him as I had just moved to the UK and was on a visa. However, this has all changed and I am now a perm resident.
We/He has an interest only mortgage of 108k approximately remaining for 24 yrs. The interest rate is 7.5% this was because he'd had some credit problems in the past and had some outstanding debts. There is a 6k redemption penalty which will end in 2 years. We bought the house for 118k and its now valued at 135k. We also have a 13k loan which i got to use as a deposit. The loan repayment + morgage payment is around 1k a month.
My question is, would it be wise to try to remortgage at this stage to try to get a better rate with myself as a co applicant?Or should we wait until the redemption period is over? I earn 27K per annum and have a 3yr employment history.
We would like to buy something a bit bigger as we would like to start a family. Any advice is welcome.
Always do right. This will gratify some people and astonish the rest. -Mark Twain
To find a fault is easy; to do better may be difficult.-Plutarch
HSBC Loan= £15K - ends June 2010 (down from £18K PPI cancelled and refunded..hooray!)
Credit Card=£3,200, £3500 limit
20p Saving club (joined 28.08.06)=£1.20 saving for holiday
To find a fault is easy; to do better may be difficult.-Plutarch
HSBC Loan= £15K - ends June 2010 (down from £18K PPI cancelled and refunded..hooray!)
Credit Card=£3,200, £3500 limit
20p Saving club (joined 28.08.06)=£1.20 saving for holiday
0
Comments
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All depends if you want to pay a 6k redemption penalty. It could be that the combined saving of a new mortgage would offset this, but I would be scpetical!Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0
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